Worldview: Why China’s E-Commerce Giants Withheld Singles’ Day Results

🇨🇳 China’s e-commerce giants withhold Singles’ Day results. For the second yr in a row, e-commerce main Alibaba didn’t disclose gross merchandising worth (GMV), a measure of gross sales, in the course of the Singles Day promotional interval which concluded on Nov. 11. Competitor JD.com didn’t present particular numbers both. Whereas the fashion-to-electronics retailers did report year-over-year progress and document progress respectively, their opaqueness means that Chinese language consumption stays subdued in comparison with pre-pandemic ranges of progress. “I believe the truth that they haven’t publicly come out with any of those figures is probably a little bit bit telling,” Galvin Chia, an rising markets strategist at NatWest financial institution, informed Yahoo Finance. [Reuters, Bloomberg, Yahoo Finance]

🇷🇺 Kimberley Process chairman criticises G7 plans to ban Russian diamonds. The incoming head of the multilateral physique arrange twenty years in the past to get rid of the commerce in battle diamonds has mentioned that the group of superior economies’ plans to increase sanctions over Russia’s conflict in Ukraine by banning Russian diamonds would inadvertently trigger “irreparable hurt” to producers in international locations like Botswana, the DR Congo and South Africa. The European Union is anticipated to undertake proposals from 4 plans, devised by stakeholders in Belgium, France, India and the World Diamond Council, to limit Russian diamond imports by introducing a brand new system to trace and hint the gems. [Financial Times]

🇧🇼 Botswana conducts due diligence on HB Antwerp for shareholding. The African nation, one of many world’s prime diamond producing international locations by worth, is searching for reassurances earlier than finalising a deal to accumulate a 24 % shareholding of the Belgian gem buying and selling firm. The Botswana authorities is worried about an earlier aborted deal between the corporate and Lucara Diamond which the latter reportedly terminated over monetary irregularities. A deal would see Botswana’s state-owned Okavango Diamond Firm provide HB Antwerp, serving to the ODC to achieve a foothold in downstream provide chains. [Reuters]

🇮🇳 Fashion brands’ Diwali campaigns feature Indian celebrities. Jimmy Choo has tapped Ananya Panday as model ambassador for the luxurious footwear label’s assortment and advert marketing campaign devoted to Diwali, the Indian pageant of lights which kicked off on Nov. 12. Different manufacturers introduced partnerships within the lead-up to festivities together with H&M’s casting of Bollywood star Athiya Shetty because the face of the high-street large’s capsule assortment. [Arnika Thakur for BoF, Financial Express]

🇨🇳 LVMH and Zara look to improve ‘guanxi’ at the China International Import Expo. In a bid to strengthen relationships with Chinese language officers, companions and suppliers, a number of style firms joined multinationals final week on the sixth version of the Shanghai occasion (and the primary since China’s post-pandemic reopening). “It’s a chance for us to rejoice our shared historical past with China, whereas exploring new alternatives for progress and engagement,” mentioned LVMH’s Ludovic Watine-Arnault, the consultant main the delegation. [Shanghai Daily]

🇮🇳 India’s Aditya Birla Fashion and Retail Ltd reports Q2 loss of 200 crore rupees. The conglomerate, whose holdings embrace a number of Indian designer manufacturers, multi-brand luxurious retail chain The Collective and joint ventures with worldwide manufacturers resembling division Galeries Lafayette, indicated that the latest outcomes amounting to a consolidated web lack of roughly $24 million had been “not comparable with earlier quarters pursuant to the acquisition of subsidiary TCNS Clothes Co. Ltd,” in the course of the interval. [Economic Times]

🇲🇾 Balenciaga taps Oscar-winning Malaysian actress Michelle Yeoh as ambassador. The French luxurious model has solid the Hollywood A-lister, who began her profession in Hong Kong within the Nineties earlier than shifting the US and starring in main blockbusters, for its spring 2024 marketing campaign. [BoF Inbox, Lifestyle Asia]

🇮🇳 Indian fashion tech startup Mirrar.com secures $1.5 million investment. The augmented actuality (AR) and synthetic intelligence (AI) options supplier, an organization serving purchasers within the equipment, magnificence and jewelry industries, has secured the funding price 13 crore rupees ($1.5 million) in a spherical led by US-based Diaspark Inc with participation from India Angel Community and distinguished traders together with the co-founders of Sugar Cosmetics. [Retail Jeweller India]

🇨🇳 Boucheron taps Chinese actor Xiao Zhan as brand ambassador. The French jeweller has employed the previous member of the Chinese language boy model X 9 who transitioned to appearing a couple of years in the past and is a face for Gucci, Tod’s, JD.com and Li Ning amongst different manufacturers. [L’Officiel Singapore]

🇮🇳 India’s Arvind Fashions reports 18.9% rise in Q2 profit. The corporate, which has a portfolio of owned and licensed worldwide manufacturers together with Calvin Klein and Tommy Hilfiger, mentioned consolidated web revenue rose to 216.6 million rupees ($2.60 million) in the course of the interval. Earlier this month it bought its Sephora India enterprise to Reliance Retail. [Economic Times]

🇨🇳 Versace names Chinese actress Rosy Zhao as global brand ambassador. The Italian luxurious model’s creative director and vice chairman Donatella Versace mentioned in a press release concerning the TV drama star (also called Zhao Lusi): “I like her fashion, her power and her spirit. She is a robust Versace lady.” [BoF Inbox]

🇮🇳 Tata-owned Trent’s Q2 profit surges three fold in India. The corporate’s consolidated web revenue rose to 2.35 billion rupees ($28.23 million) within the quarter, buoyed partly by Westside, its chain of department shops, and worth style model Zudio. [Reuters]