The founders of Italian fashion house Dolce & Gabbana apologised to Chinese customers on Friday as a row over racially offensive posts snowballed, with its products pulled from lucrative Chinese e-commerce platforms.
Luxury brands will increasingly have to court Chinese shoppers on their home turf, as purchases soar among a clientele who are forecast to generate nearly half the industry’s sales by 2025, a study showed on Thursday.
Alibaba Group cashed a record 213.5 billion yuan ($30.7 billion or £23.8 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate.
China is gearing up for the biggest shopping event of the year on Sunday, a day dominated by e-commerce giant Alibaba which saw $25 billion worth of goods sold on its platforms alone in the 24-hour period last year.
Deutsche Post DHL is selling its supply chain and logistics business in Greater China to S.F. Holding 002352.SZ as the two companies enter a 10-year strategic partnership to foster growth in the region.