Singles Day, really Singles Nearly Fortnight (to borrow a British term) running from Nov. 1-11, was hit by headwinds from an anemic economy, the pandemic, Chinese crackdowns and supply issues, increasing 8.5% to $84.54 billion for originator Alibaba, the lowest jump since its inception in 2009.
Driven by a pandemic-fueled lack of travel and more disposable income, the China luxury goods market grew 48% in 2020, doubling the country’s overall share, according to Bain & Company. The upward trend is expected to give China a leading share of 45% of the global luxury market by 2025, outpacing Europe and North America.
Cincinnati-based grocer Kroger will start selling online into China through a new partnership with Alibaba, testing some of its natural foods line first as it makes its first international move in the expanding grocery wars. See what else the company is up to, including its pilot of driverless delivery in Scottsdale, AZ and same-day delivery.
Five major U.S. retailers who sell on Alibaba’s Tmall marketplace have reportedly run into headwinds when they refuse to sign exclusive agreements with the Chinese ecommerce giant. See what this dustup means for the parties involved, and how rival JD.com has been making hay over merchant issues with Alibaba.
Nike confirmed it is selling select products directly through Amazon in a pilot program, greatly expanding its reach while also helping address counterfeiting. The news is a direct hit to retail partners like Finish Line and Foot Locker, who will undoubtedly lose sales. Nike will also start selling directly through a partnership with Instagram.