Alibaba Group Holding Ltd. is merging its South Korean operations with E-Mart Inc.'s e-commerce platform in a joint venture valued at approximately $4 billion, according to a stock exchange filing by E-Mart and a report by Bloomberg. The 50-50 joint venture, combining AliExpress International and Gmarket, aims to
Amazon has instructed some Chinese cross-border merchants to cease offering their products at lower prices on rival platform Temu, according to multiple sellers cited by the South China Morning Post. This move comes amidst escalating competition from Temu, a budget retailer owned by Chinese e-commerce giant PDD Holdings.
Sellers indicate
Ant Group, the fintech giant affiliated with Alibaba Group Holding, is splitting the business group of its mobile payment platform Alipay into two units, in its latest corporate restructuring move aimed at driving new growth, according to the South China Morning Post.
The company will establish the Digital Payment Business
US-based payments technology company Fiserv has agreed to acquire Payfare, a leading Canadian digital banking platform serving the gig economy, according to Reuters. The deal, for an undisclosed sum, will expand Fiserv's presence in the payments technology market, particularly within the rapidly growing gig economy sector where Payfare
Prosus, the technology conglomerate controlled by Naspers, is acquiring Despegar, a leading online travel agency in Latin America, for $1.7 billion, according to a statement released by Prosus today, as reported by TechCrunch. The deal, which has been approved by Despegar's board of directors, is expected to
Ceneo, a subsidiary of Polish e-commerce platform Allegro, has filed a lawsuit against Google owner Alphabet, Google Ireland, and Google LLC, seeking 2.33 billion zlotys ($567.6 million) in damages, according to a report by Reuters.
The lawsuit, filed on Monday, alleges that Google's practice of favoring
Amazon's latest move to change its reimbursement policy for lost or damaged inventory under its Fulfillment by Amazon (FBA) program has sparked outrage among third-party sellers, reports Modern Retail. The change, announced just before Christmas, will see Amazon reimburse sellers based on the manufacturing cost of the item,
Alibaba Group Holding has reorganized its artificial intelligence (AI) team, separating the developers of its AI chatbot Tongyi Qianwen from the team responsible for building its underlying large language model (LLM). This restructuring, reported by Chinese tech media outlet 36Kr and cited by the South China Morning Post (SCMP), aims
Amazon.com Inc. is delaying its return-to-office mandate for thousands of employees in multiple cities, pushing back full-time in-office work by as much as four months, reports Bloomberg. The move comes as the company struggles to accommodate its large workforce in existing office spaces.
The company recently informed employees in
Thousands of Amazon workers across multiple US warehouses will walk off the job Thursday, disrupting the online retailer's operations during its busiest time of year, reports Reuters. The International Brotherhood of Teamsters (Teamsters) union, representing approximately 1% of Amazon's US hourly workforce, says the strike is
Alibaba is exiting offline retail, taking a substantial loss on its sale of Intime, one of China's leading department store operators, reports the South China Morning Post. The e-commerce giant is selling its entire stake in the retail chain to a consortium comprising Youngor Group and Intime'
Alibaba Group Holding is reportedly set to sell its department store chain Intime Retail (Group) to Chinese apparel company Youngor Fashion, marking Alibaba’s exit from offline retailing in China, according to sources familiar with the matter, reports the South China Morning Post.
The two sides are expected to
Walmart China has announced a new strategic partnership with Meituan, China's largest food delivery company, to accelerate its e-commerce business in the country, reports Reuters.
The partnership will integrate Walmart stores into Meituan's extensive delivery network, according to a WeChat post by Walmart China. This move
TikTok Shop, the relatively new online retail platform launched in September 2023, has surpassed established giants Sephora and Shein in capturing the spending power of US shoppers, according to a new report from Coefficient Capital and The New Consumer's Dan Frommer.
The report, based on 11 surveys of
