This article is by: CNBC
Read more about it here: The world’s largest beauty company sees China as its digital ‘laboratory’
An excerpt from CNBC:
"China is “a great laboratory” for beauty giant L’Oreal in terms of how it tries out new technology, according to its chief digital officer. It is the “most digitalized” country in the world, Lubomira Rochet told CNBC’s Julianna Tatelbaum.
E-commerce makes up 40% of L’Oreal’s sales in China, up from about 2% in 2012, Rochet said, and that compares to 13.2% for the business globally. “The magnitude of the change has been tremendous,” Rochet added.
It’s a market where many consumers buy via messaging apps such as WeChat, so L’Oreal has integrated technology to let people “try on” lipsticks by pointing their smartphone camera at themselves. The L’Oreal-owned Giorgio Armani make-up brand became the first luxury line to use the technology on WeChat in July.
“It has seen a massive digitalization, so everything we see coming from China we think will spread out. And it’s a great laboratory for us, China, you know in order to be able to take those best practices and be able to spread them in other countries,” Rochet added."
This article is by: Bloomberg
Read more about it here: Carrefour Sells Control of China Business at a Discount
An excerpt from Bloomberg:
It’s the end of an era for one of the first foreign brands to gain a loyal following among Chinese consumers. Carrefour entered the country in 1995, ahead of Walmart, and its massive hypermarkets where one could buy fresh pork along with a TV ushered in a new style of shopping for a country just opening up to the outside world.
But it has struggled to maintain profitability as buyers moved online rapidly in recent years, a shift that’s favored home-grown giants like Alibaba Group Holding Ltd. Despite efforts to digitize its operations, and an initiative to rent out store space to local retailer Gome Retail Holdings, Carrefour’s China sales declined about 10 percent last year to 3.6 billion euros, according to the company’s annual report.
This article is by Channel News Asia
Read more about it here: Commentary: A rising middle class and emerging tech giants - China’s decade of sweeping economic change
An excerpt from Channel News Asia:
“The Chinese authorities remained dedicated to their long-term plan to revise the country’s growth model, by shifting away from exports and towards domestic consumption. In fact, the Global Financial Crisis in 2008 served to strengthen that commitment, as it underscored the risks of China’s dependence on foreign demand. This commitment has paid off. Over the last decade, many millions of Chinese have joined the middle class, which is now 200 to 300 million strong. .”
“Thanks to such efforts – together with mergers and acquisitions to acquire key technologies and lucrative infrastructure investments in developed economies – China’s economy almost tripled in size from 2008 to 2018, with GDP reaching 90 trillion yuan (US$13.6 trillion).”
“With an average net worth of US$139,000 per person, this group’s total spending power could amount to over US$28 trillion, compared to US$16.8 trillion in the United States and US$9.7 trillion in Japan.”
This article is by South China Morning Post
It is about JD.com acquiring ownership of a hotel in Beijing
Read about it here: JD.com buys hotel
This article is by Mintiandi
It is about JD.com opening its offline convenience stores throughout China
It is note worthy because This is another example of China's growth
Read about it here: JD.com says it will open 1,000 convenience stores every day
This article is by Reuters
It is about the two major commerce giants battling for partnerships with supermarket-chains
It is note worthy because It has an incredible impact on the Chinese economy
Read about it here Alibaba, Tencent rally troops amid $10 billion retail battle
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