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Compagnie Financiere Richemont, the world's largest jewelry maker, and Alibaba Group Holding, an e-commerce company in China, decided to create a joint venture to boost sales of luxury goods produced by Internet retailer Yoox Net-a-Porter owned by Richemont. The relevant agreement, signed by the companies, provides for the placement of new joint ventures with Net-a-Porter and Mt Porter online stores on the Tmall platform, which is owned by Alibaba. According to forecasts by Alibaba CEO Daniel Zhang, the number of Chinese consumers by 2025 will be almost half of all luxury goods buyers in the world.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West ...
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