Chinese e-commerce company JD.com made a pitch on Wednesday to attract more European luxury brands to its site, saying it can offer faster delivery and better protection against fakes than bigger rival Alibaba.
Swiss watchmaker Audemars Piguet is on track to hit 1 billion Swiss francs ($1.04 billion) in global sales this year, the firm’s chief executive said, amid a revival in luxury demand in China driving up watch sales.
Walmart Inc has opened its first small high-tech supermarket in China, where smartphones can be used to pay for items that are mostly available on the U.S. retailer’s store on Chinese online marketplace JD.com.
A boom in online luxury goods sales is finally convincing high-end watchmakers, long sceptical that customers would pay thousands to buy intricate timepieces on the web, to step up their investments in e-commerce.
Alibaba said it will invest an additional $2 billion in Southeast Asian e-commerce firm Lazada Group and replace its CEO, consolidating its control over the firm as it targets an aggressive expansion in the region.