In China, a drab gray Mao suit was once the required attire for men and women. No longer. The county is poised to become the largest luxury apparel market worldwide by 2025. With a 2020 population of 1.4 billion and a flourishing middle class with an appetite for foreign [...]
As 2020 comes to a close, it’s time to reflect back on a wild and crazy year in retail, to paraphrase the Festrunk brothers from Saturday Night Live. COVID-19 came in like a wrecking ball in February and March, causing widespread shutdowns that hit retail especially hard, leading to hockey-stick growth in [...]
Beijing is accelerating plans to bring Jack Ma’s Ant Group more closely under its control as part of a “rectification” drive that would make it difficult for one of China’s richest men to fully rebuild his online empire. Ant’s consumer lending unit and other fast-growing parts of the financial technology [...]
One of the oldest and most well-known iPhone suppliers has been accused of using forced Muslim labor in its factories, according to documents uncovered by a human rights group, adding new scrutiny to Apple’s human rights record in China. The documents, discovered by the Tech Transparency Project and shared exclusively [...]
The second trial of digital yuan by the People’s Bank of China has concluded, resulting in hundreds of thousands spent on eCommerce retail, food delivery and ride-sharing, The Wall Street Journal (WSJ) reports. The trial began earlier in the month as authorities handed out 20 million digital yuan, or $3.1 million, to local [...]
China Extends Economic Stimulus Measures For Small And Micro-Businesses China’s State Council reportedly said late Tuesday (Dec. 22) that small and micro-sized companies can defer loan payments beyond Q1 of next year as needed. In addition, some financial institutions catering to small companies will keep getting government support following a [...]
Tens of thousands of sellers are using the ecommerce platform Shopify to scam consumers and sell counterfeit goods, after the company’s rapid growth has left it exposed to fraudsters. According to the ecommerce authentication service FakeSpot, which analysed more than 120,000 Shopify sites, as many as 21 per cent posed [...]
The athletic-wear brand’s shares hit a new all-time high early Monday in their first trading session since Nike reported another set of stellar quarterly results. Those results, posted after U.S. markets closed on Friday, showed that Nike is navigating the pandemic exceptionally well thanks in large part to its digital [...]
Gucci will launch two online stores in China alongside ecommerce group Alibaba, as the high-end brand counts on a post-coronavirus boom in luxury goods spending in the country to offset sluggish sales in the west. The European fashion house said on Friday that it would launch the virtual outlets on [...]
JD iCity, a unit of ecommerce company JD focusing on smart cities, has applied its artificial intelligence-driven control system to a thermal power plant in North China with the aim of improving efficiency and cutting pollution. The latest news rides the wave of ongoing government encouragement to build cities [...]
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