JD.com Inc beat estimates for quarterly revenue as more people shopped on its platform following Covid lockdowns in China, but its CEO was cautious on the outlook due to logistical disruptions and sluggish consumption.
Alibaba shares fell as much as 9% on Tuesday after a state media report that Chinese authorities had taken action against an individual surnamed Ma, but recouped losses after those reports were revised.
The pandemic in China has had a minor impact on the luxury group’s quarterly results. The company is confident for the future in the market, where it wants to strengthen its physical and online presence.
Perfect Corp, an Asian startup that provides software to beauty and fashion companies, has agreed to go public in the United States by merging with a blank-check firm in a deal that values it at $1.02 billion.
Made in Italy sales grew by more than 6% compared to the pre-pandemic year of 2019, thanks to the Chinese, American and French markets, marking a clear recovery for the fashion industry, which grew by almost 21% in 2021.