PARIS, July 27 (Reuters) – Second-quarter sales at French cosmetics giant L’Oreal slightly beat expectations, as a rebound in China helped offset slower growth in the United States where the rising cost of living is prompting shoppers to tighten their purse strings. The Paris-based group, which owns labels ranging from Maybelline to Lancome said on…
As the world gradually reopens, Chinese tourists are eager to embark on new adventures. Recently, Chinese consumers, motivated by pent-up demand and limited international flight travel, flocked to domestic tourism destinations, reaching 119% of its 2019 levels during the May Day holiday. As China’s economy rebounds from the pandemic, previously intrepid travellers are now more…
SHANGHAI : When tech giant Apple joined China’s livestreaming frenzy, a major driving force of the e-commerce boom in the world’s second biggest economy, it launched without deep discounts or a celebrity host to pull millions of viewers. Yet Apple’s show, hosted by product experts offering tips on making movies with iPhones or using the…
Financial technology giant Ant Group said it is developing technology related to large language models (LLMs), while e-commerce conglomerate JD.com said it will launch its own model next month, as Chinese Big Tech companies race to stake out market share amid explosive interest around generative artificial intelligence (AI). An Ant spokesman confirmed on Wednesday that…
Chinese e-commerce giant JD.com is doubling down on its new low-price strategy to tap lower-tier markets amid intensified competition in the country, according to the company. The online shopping platform has been targeting smaller merchants by allowing these “million vendors” to open stores on its platform, Wang Xiong, an executive in charge of the firm’s…
About two dozen Chinese taste-makers gathered on a recent spring evening in Shanghai for an exclusive showcase hosted by online luxury retailer Mytheresa.com GmbH. In a red-brick colonial building near the historic Bund district, they wined and dined with stylists and executives as four up-and-coming Chinese designers spoke about the inspiration behind the hand-embroidered dresses…
LVMH is shifting resources out of Hong Kong, reflecting waning interest in what used to be Asia’s premium shopping hub as mainland Chinese consumers switch to shopping at home. The top global luxury conglomerate wants to focus more of its investment in burgeoning metropolises such as Shanghai, Chengdu, Guangzhou and Shenzhen as Hong Kong loses…
Foreign consumer brands are flocking to China’s tropical island of Hainan, riding on hopes for a post-pandemic economic recovery to drive a revival in tourism and local demand….
The coastal city of Shenzhen has boasted about being the City of Livestream E-commerce in China with the sector expecting to knock out sales of 300 billion RMB (43.68 billion USD) by 2025, as per the latest action plan introduced by the local authority on 24 March.
Other goals set out in the document include accelerating the building of livestream e-commerce infrastructure, incubating at least 50 relevant industrial parks, and establishing “one-stop” livestream e-commerce bases which integrate livestream facilities, stage set-up, content production and product display…
China’s consumer spending returned to growth in the first two months of 2023, in an early sign of an economic recovery that the government warned remains fragile after years of pandemic restrictions.
Retail sales rose 3.5 per cent year on year in the first two months of 2023, compared with declines in each of the previous three months. Activity in the debt-stricken property sector also pointed to a positive trajectory….