The Alibaba News Roundup is a weekly digest of events and happenings across the company. This week, we look at Alibaba’s earnings for the June 2020 quarter. We also cover the top 20 finalists for the Africa’s Business Heroes competition as well as a pitch event for the 11.11 Global Shopping Festival.
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Alibaba Group on Thursday reported its financial results for the quarter ended June 30, 2020. The company delivered a strong start to the fiscal year, with a 34% total revenue growth year over year as well as a full, across-the-board recovery of domestic core commerce business to pre-pandemic levels. Read the highlights here. You can also find the press release covering the results in more detail here.
The Africa Netpreneur Prize Initiative, a philanthropic entrepreneur program established by the Jack Ma Foundation, on Wednesday announced the top 20 finalists for its Africa’s Business Heroes competition. Selected from a pool of more than 22,000 applications from across the continent, the shortlisted candidates hail from 14 countries and 11 industries, including agriculture, education, healthcare and manufacturing. This year’s competition also saw a boost in representation for women, with female entrepreneurs accounting for 55% of the 20 finalists. The top 20 will move on to the semi-final, where they will have a shot at the grand finale to win a share of the US$1.5 million prize pool.
Tmall Global said Thursday it was accepting applications for its first Go Global 11.11 Pitch Fest – a virtual event to help U.S. small and medium-sized businesses expand into the global market. The Sept. 15 event offers brands – including those without physical operations in China – an opportunity to have their products featured during Alibaba’s upcoming 11.11 Global Shopping Festival. Click here to read more about the Go Global pitch event.
Speaking of Tmall Global, Tatcha on Tuesday launched its flagship store on the cross-border e-commerce platform, marking its first foray into the China market. The San Francisco-based, Kyoto-inspired beauty brand – a favorite with Duchess of Sussex Megan Markle – currently offers 20 of its most-popular products through its Tmall Global store and plans to roll out new items in the future as well as custom gift boxes for 11.11. Tatcha, which is owned by multinational consumer-goods company Unilever, is one of the latest beauty brands to enter China through Tmall Global. In the past 12 months, brands such as Victoria Beckham Beauty, Supergoop And Rihanna’s Fenty Beauty have all made their China debuts on the platform.
Nordic fashion and lifestyle brand Arket this week opened its digital flagship store on Alibaba’s B2C e-commerce platform Tmall. The partnership, first announced in April, is Arket’s first expansion outside of Europe and connects the brand with the 874 million monthly active users on Alibaba’s retail marketplaces in China. Arket is operated by Sweden-based clothing retail company Hennes & Mauritz AB. Its sister brands, including H&M, Cos, Monki and & Other Stories already have stores on Tmall.