Luxury Labels Hit by Soaring Number of Chinese Returning Goods [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: BNN Bloomberg
Cie Financiere Richemont SA's Net-A-Porter saw purchases far surpass those seen just a year earlier on the mainland's dominant e-commerce platform, Alibaba Group Holding Ltd.'s Tmall. But within days, some brands saw up to 75% of that sales value vaporize as consumers returned or cancelled purchases in droves, people familiar with the matter said, asking not to be identified discussing private data. This unusually high rate of returns — well above the 20% to 30% that consultancy Sanford C. Bernstein considers normal in the global luxury industry — has persisted since China exited Covid Zero more than a year ago, and is sparking a re-evaluation of the way some fashion labels do business in the world's second-largest economy. The majority of marketplace users are middle class, a group highly exposed to the country's ongoing economic slowdown. Once a backbone of big-ticket discretionary spending, they're now seeking discounts or shifting away altogether from pricier purchases. Plat
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