Alibaba news and archive

Chinese tech giant Alibaba's quarterly profit shrinks 29 percent

Beijing - Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown. Net income attributable to shareholders came in at 24.3 billion yuan ($3.3 billion) in the quarter ending June 30, Alibaba said in a corporate filing, down from 34.3 billion yuan in...

BusinessFeatured

LVMH strengthens partnership with Alibaba

French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has announced it is deepening its partnership with Chinese e-commerce and technology giant Alibaba to “redefine luxury retail experiences in China”. In a statement, LVMH said the extended partnership aims to push the boundaries of the luxury experience in China by leveraging Alibaba’s...

Business

Chinese tech giant Alibaba posts 8 percent rise in revenue for past fiscal year

Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. The Hangzhou-based company is one of the biggest players in China's tech industry, with operations spanning retail, digital payment, artificial intelligence...

Retail

Casadei launches on Tmall Luxury Pavilion

Italian luxury footwear brand Casadei has opened a flagship store on Alibaba’s leading e-commerce platform, Tmall Luxury Pavilion, as part of its continued global expansion and digital strategy plans. In a statement, Casadei said its launch on Tmall would allow it to connect with the “vibrant and digitally savvy Chinese market,” while...

Business

Alibaba announces 25 billion dollars in additional share buybacks

Chinese e-commerce giant Alibaba Group will increase its share buyback programme by 25 billion dollars, the company announced Wednesday, as it published disappointing quarterly results. In the quarter ending March 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said in a statement -- but...

Business

JD.com wins years-long lawsuit over monopoly practices against Alibaba

Chinese e-tailers Alibaba and JD.com can, for now, bury their hatchet. JD.com will receive one billion yuan (equivalent to 110.25 million pounds) from Alibaba as a years-long lawsuit comes to an end, Reuters reported. The e-tailers have been accusing each other of monopoly practices since 2017. According to the court, Tmall, Alibaba's brand...

People

Alibaba shifts top leadership amid restructuring plan

Chinese e-commerce giant Alibaba Group has announced the appointment of Eddie Yongming Wu as the chief executive officer of the group and chairman of Taobao and Tmall Group, effective immediately. Alongside this, Wu will also serve as chief executive officer of the two subsidiaries. He replaces Daniel Zhang, who will be stepping down the group’s...

Business

Alibaba reportedly injects 634 million dollar capital into Lazada

Chinese marketplace giant Alibaba Group is believed to have injected a further 634 million dollars into its Southeast Asia e-commerce subsidiary, Lazada. The reported amount brings Alibaba’s total investment into the firm to over 1.8 billion dollars this year, according to Tech in Asia. It comes as Alibaba continues to readjust strategies to...

People

Alibaba president steps down from Farfetch board

John Michael Evans, the president of the Alibaba Group, has announced his resignation from the board of directors of luxury retailer Farfetch Limited, with immediate effect. In a regulatory filing, Farfetch said that the resignation “was in furtherance of the arm’s length commercial partnership between Alibaba Group Holding Limited” and the...

Business

Alibaba's quarterly revenues surge by 9 percent

In the quarter ended September 30, 2023, Alibaba reported revenue of 224,790 million Chinese yuan (30,810 million dollars), an increase of 9 percent year-over-year. The company’s income from operations was 33,584 million Chinese yuan (4,603 million dollars), an increase of 34 percent, while adjusted EBITDA increased 18 percent to 42,845 million...

Business

Tanking Alibaba drags Hong Kong as markets rally fades

Hong Kong - Asian stocks fell Friday as a rally fuelled by the likely end of US interest rate hikes ran out of puff, while Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm. After an exciting few days on trading floors, the week headed for a tepid finish, with Wall Street drifting even as...

Business

Alibaba shares down more than 8% after cloud computing setback

New York - Shares in Chinese e-commerce giant Alibaba plummeted on Thursday after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips. Alibaba shares were down eight percent in late morning trade on Wall Street. The company had planned to split the group into six distinct...