By Danielle Long Chinese ecommerce giant JD.com has bought a significant stake in global luxury fashion site Farfetch, as it looks to create a luxury shopping platform for Chinese consumers. JD.com has invested $397m in Farfetch and announced a strategic deal which will see the two businesses partner on marketing, logistics and technology solutions to build the Farfetch brand in China. The deal is part of a major luxury push by JD.com, which is China’s second largest ecommerce site after Alibaba. The partnership offers a significant boost to JD.com’s luxury fashion credentials and provides Farfetch with access to the Read full story › Source: The Drum...
Read MoreBy Danielle Long China’s TV and film regulation body has shut down live video and audio streaming services on three major websites, including Weibo. The State Administration for Press Publication Radio Film and Television (SAPPRFT) ordered social media site Sina Weibo, news portal ifeng.com and online video site AcFun to halt streaming services immediately. According to a report in China Daily, the sites were in violation of state rules and had failed to obtain the “appropriate certificates” to provide audio-visual service The report quoted a SAPPRFT statement, which said the sites had screened “many politically-related programs that do not conform with state rules and Read full story › Source: The Drum...
Read MoreImagine paying for your Starbucks, settling your electricity bill and moving your spare change into a high-interest personal fund, all from within a single app. In China, banking has slipped into the everyday habits of millions. How? China’s domestic internet finance industry has been growing at an exponential rate because it listens and learns from its market. It’s just overtaken the US as the biggest fintech market in the world. There’s no legacy; it’s creating banking from the ground up. Rather than leading to exclusivity, technology has been the enabler that’s brought the next generation of banking to Read full story › Source: The Drum...
Read MoreBy Danielle Long M&C Saatchi worldwide chairman Tom Dery is stepping down from the role after nine years. Dery was a key player in growing M&C Saatchi’s global presence and founded the Australian, Asian and West Coast US businesses. He will remain in his role as chairman of M&C Saatchi Australia, the agency he founded in 1995. Maurice Saatchi, M&C Saatchi co-founder, said in a statement: “Tom Dery is a legend in advertising and deservedly so. He is the creator of many highly successful and respected companies in our network. We are proud and privileged to have shared in his historic personal achievements.” Dery is highly regarded Read full story › Source: The Drum...
Read MoreBy Danielle Long Alibaba founder Jack Ma recently predicted a future where his company could become the world’s fifth-largest economy by 2036. In Ma’s vision, Alibaba would no longer be viewed as a company, but instead an economy trailing in size behind the U.S., China, Europe and Japan. His comments came as Ma, along with Alibaba management, reconfirmed to investors the ecommerce giant’s goal to reach 2 billion customers and sell $1tn in goods by 2020. While Ma’s vision for Alibaba may sound ambitious, his growing global influence as the founder of the world’s largest retailer means the comments aren’t to be ignored. <a target=_blank Read full story › Source: The Drum...
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