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Tag: etail

  • Baozun buys Full Jet to boost luxury e-commerce offer

    Baozun buys Full Jet to boost luxury e-commerce offer

    Baozun, the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced that it has entered into a share purchase agreement with all the shareholders of Full Jet Limited (“Full Jet”), to acquire a 100% equity interest in Full Jet. The acquisition is subject to customary closing conditions and is expected to be completed on or around February 10, 2021.

    The final enterprise value of Full Jet represents a 12.5x multiple of Full Jet’s 2020 EBITDA, with total consideration consisting of a 50% initial cash payment and deferred payments in cash or equity over the following three years, subject to an annual performance target completion result. In addition, an incentive program is granted to key members of Full Jet’s management team, which is also subject to the annual performance target completion result during the same period.

    Full Jet is a strategic and brand-focused industry expert that specializes in developing go-to-market strategies for high-end and luxury brands entering the Chinese market. Its key business coverage includes brand development, strategic consulting, e-commerce operations, and marketing. Full Jet has successfully leveraged its in-depth knowledge of China’s e-commerce market to support many leading international premium and luxury brand partners and groups. Full Jet has global offices in Paris, Hong Kong, and Shanghai, China.

    According to a recent report issued by independent third parties, China’s personal luxury market was estimated to grow by over 45% in 2020, within which online e-commerce has grown tremendously. In September 2020, Baozun upgraded its luxury group to a tier-1 business unit to better leverage its analytic data, insights, and resources to capture the emerging demand. The Company believes that this strategic acquisition of Full Jet strengthens the Company’s expertise in business development, strategic consulting, and brand management, and expands its geographic touchpoints with premium and luxury brands globally.

    Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun commented, “We are excited about the acquisition of Full Jet. Baozun and Full Jet share the ambition of helping international luxury and premium brand partners enter China’s fast-growing e-commerce sector. We are confident that our proven track record of capabilities with deep luxury insights and solid infrastructure, combined with Full Jet’s expertise in brand and business development, will provide a compelling value proposition for international labels looking for more strategic and empowered services like us. By capitalizing on the strengths of both parties, we expect to unlock the potential for the future growth of premium and luxury sectors, and we believe such initiatives will become strong growth drivers for Baozun in generating RMB20 billion in annual GMV within the next three to five years.”

    Ms. Sandrine Zerbib, Founder and Managing Partner of Full Jet added, “We are looking forward to beginning a new journey with Baozun. This acquisition opens doors to tremendous new opportunities for both of us. We are impressed with the vision and execution of Vincent and his team that has made Baozun the undisputable leader in China’s rapidly growing market for e-commerce operations and services.

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  • Amazon brings Dark and Light modes to Alexa app on iOS devices

    Amazon brings Dark and Light modes to Alexa app on iOS devices

    An important update is now rolling out to Alexa app users on iOS devices. The update adds support for both Light and Dark modes, allowing users to switch between them on the fly, as well as Dynamic Type support.

    The update is meant to further improve Alexa’s accessibility features. Thanks to the newly added Dynamic Type support, iOS users will no longer have to choose the size of the text within the Alexa app. Instead, the app will now automatically choose the text-size set at a system level.

    As far as the new Dark/Light modes go, the new feature lets Alexa app users switch between them or let the app handle usage of the modes automatically. By default, the Alexa app will switch appearance at sunrise and sunset, but users can permanently set the app to either Light or Dark Mode from the iOS’s Settings menu.

    Previously, the Alexa app did have a dark mode, but it didn’t display a completely black background whereas the new one added in the update does a better job at mimicking the black color. The updated Alexa app has already been uploaded to the App Store, so feel free to download it to benefit from the recent changes.

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  • Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales – excluding motor vehicles – fell 4.5 percent y-o-y last Dec, a slightly higher decline than Nov’s 2.8 percent. M-o-m sales were down 0.7 percent. DOS estimates total retail sales value at SGD3.5 billion (US$2.62 billion) and that online retail sales accounted for 12.6 percent of that. The strongest categories online were computer and telecommunications equipment, accounting for 35.2 percent of the category’s overall turnover, furniture and homewares (23.4 percent) and supermarkets (11.8 percent).

    Most retail industry categories posted declines in sales in Dec on a y-o-y basis. However, supermarkets and hypermarkets, computer and telecommunications equipment, and furniture and homewares recorded growth rates of between 20.8 percent and 25.3 percent, due mainly to higher sales of groceries, mobile phones and household appliances respectively.

    Sales of recreational goods rose 10.3 percent, largely driven by strong demand for sporting goods. Sales of F&B services fell 16.5 percent in Dec, y-o-y, which was a lesser rate than Nov’s 22.4 percent decline. Online orders made up 19.9 percent of the estimated total spend of $800 million.

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  • Amazon’s Bezos to step down as CEO; quarterly revenue tops $100 billion

    Amazon’s Bezos to step down as CEO; quarterly revenue tops $100 billion

    Amazon.com on Tuesday (Feb 2) said founder Jeff Bezos will step down as CEO and become executive chairman, as the company reported a third consecutive record profit and quarterly sales above US$100 billion for the first time.

    This summer, Bezos, 57, will hand the keys of the world’s largest online retailer to Andy Jassy, head of its cloud computing division. The announcement ends a long-running question about who would succeed the world’s second-richest person at the company’s helm.

    Jassy, 53, joined Amazon in 1997 after Harvard Business School, founding Amazon Web Services (AWS) and growing it to a cloud platform used by millions, the company’s website said. He had been a clear contender for the top job since Amazon created two CEO roles reporting to Bezos, the other held by recently retired consumer CEO Jeff Wilke.

    Tom Johnson, chief transformation officer at Mindshare Worldwide, said Jassy’s promotion underscored the importance of web services to Amazon’s future.

    “Jassy’s background in steering AWS shows just how the top of mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy and balancing that priority with a growing ad business and the commerce behemoth,” he said.

    Jassy is known for understanding technical details, and he has regularly taken jabs at legacy player Oracle and cloud rival Microsoft, which AWS continues to exceed in sales.

    Under Jassy’s leadership, Amazon’s cloud business has signed major customers including Verizon, McDonald’s and Honeywell. The division’s quarterly revenue consistently rose by double digits, helping cement its position as the market leader.

    One contract AWS failed to win was the US$10 billion “JEDI” contract from the Pentagon, which was awarded to Microsoft.

    Jassy has bestowed a rock-star aura to keynotes at AWS’s annual Las Vegas conference, speaking before more than 60,000 attendees in 2019 after upbeat music preceded his talk.

    Bezos, who started the company 27 years ago as an Internet bookseller, said in a note to employees posted on Amazon’s website, “As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.” Blue Origin is Bezos’ space company, and the Post is his private newspaper holding.

    Amazon’s net sales rose to US$125.56 billion as consumers turned to the world’s largest online retailer for their holiday shopping, beating analyst estimates of US$119.7 billion, according to IBES data from Refinitiv. Amazon shares were up less than 1 percent in after-hours trading.

    Jassy’s AWS, traditionally a bright spot, fell slightly short of expectations in the fourth quarter. While the cloud computing division announced deals in the quarter with ViacomCBS, the BMW Group, and others, it posted revenue of US$12.7 billion, short of the US$12.8 billion analysts had estimated.

    Amazon said it was not announcing an AWS replacement for Jassy at this time.

    Meanwhile, Amazon’s e-commerce business has never been as big. Since the start of the US coronavirus outbreak, consumers have turned to Amazon for delivery of home staples and medical supplies. While brick-and-mortar shops closed their doors, Amazon, recruited another 400,000 workers to keep up with demand.

    That has placed the Seattle-based company at the center of workplace tumult. More than 19,000 have contracted COVID-19 as of September, and some staff have protested and demanded facility closures. Others, at Amazon’s Bessemer, Alabama, warehouse, are seeking to be the first at the company to unionize in the United States, with an election to begin next week.

    Chief financial officer Brian Olsavsky told reporters on a conference call that costs associated with the pandemic in the first quarter are expected to total US$2 billion, down from US$4 billion in the fourth quarter as shopping volumes decrease. The company has taken an array of COVID-19 precautions and written government officials – including US President Joe Biden – saying it is eager to offer vaccine shots to staff.

    A boost in revenue came from moving Amazon’s marketing event Prime Day – usually in July – to October, lengthening the holiday shopping season.

    Net sales for the current quarter are expected to be between US$100 billion and US$106 billion.

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  • Alibaba beats revenue forecast as Chinese regulators hover

    Alibaba beats revenue forecast as Chinese regulators hover

    China’s Alibaba Group Holding Ltd beat estimates for third-quarter revenue on a pandemic-driven jump in e-commerce, but its shares dropped amid regulatory heat for founder Jack Ma’s business empire.

    It also announced a bond sale worth as much as $5 billion through sources have said plans for the fundraising were in the works before the regulatory clampdown.

    Ma’s current woes stem from an Oct. 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s listing.

    Regulators have since launched an anti-trust probe into the tech sector, while tighter regulations for Ant are also being considered.

    Ma, who has been keeping an uncharacteristically low profile these past three months, was also conspicuously snubbed this week by his omission in a state media list of entrepreneurial leaders.

    Alibaba CEO Daniel Zhang said changing regulations for internet and fintech firms in China presented a near-term challenge.

    “We regard this as important opportunities for re-assessing and improving business practices,” he told an earnings call.

    Alibaba also said it was “unable to complete a fair assessment” of the impact that Ant’s stalled IPO will have on the company. Zhang said, however, that any potential reduction in consumer credit offerings from Ant would not have an impact on Alibaba’s e-commerce business.

    Shares in Alibaba dropped 4% in Hong Kong on Wednesday, having closed down nearly as much on the New York Stock Exchange.

    Alibaba’s total revenue rose 37% to 221.1 billion yuan ($34.2 billion) in the three months ended Dec. 31, above analysts’ estimates of 214.4 billion yuan, according IBES data from Refinitiv.

  • Amazon, Enterprise Singapore to help small businesses venture offshore

    Amazon, Enterprise Singapore to help small businesses venture offshore

    Amazon announced today at the inaugural Amazon Southeast Asia Online Seller Summit 2021 additional resources and support for small and medium-sized businesses (SMBs) in Singapore to start selling online and expand globally through its stores. Amazon announced that it is extending the waiver of professional selling account subscription fees for new and existing sellers, until 30 June 2021. This support builds on Amazon’s current initiatives such as the online seller education series, Seller University, and over 225 free tools and services to help sellers grow their sales in Amazon’s stores in Singapore and worldwide.

    In addition, Amazon is teaming up with Enterprise Singapore (ESG) to help local retailers scale globally. Enterprise Singapore will support these efforts through the Market Readiness Assistance (MRA) scheme. Support will be capped at S$100,000 per new country, includes support for up to 70% of eligible costs for overseas promotion, overseas business development, and overseas country set-up, and gives SMBs the flexibility to expand across new countries at their preferred pace. This is one of several measures that local enterprises can tap on through ESG to grow and diversify their businesses.  More details can be found in ANNEX.

    “We will double-down on efforts to support our local businesses in gaining e-commerce capabilities and maximizing their growth opportunities from the digital economy. To help companies access customers in new countries, ESG has also been working with Amazon to onboard Singapore sellers to Amazon as a channel for international sales, such as in the US, Canada, and India. Support is available for Singapore companies that are looking to expand to these countries,” said Minister for Trade and Industry, Mr Chan Chun Sing.

    “Small businesses are an essential part of Amazon’s DNA. Through the Amazon Southeast Asia Online Seller Summit 2021, we aim to enable more local sellers to reach a global audience through our 20 stores worldwide. Whether they are just getting started or are an experienced seller, Amazon’s comprehensive programs and network will help SMBs overcome operational challenges to maximize growth opportunities globally,” said Henry Low, Country Manager, Amazon Singapore.

    The Southeast Asia Online Seller Summit, being held today and tomorrow, has drawn over 3,000 participants who are interested to understand how they can sell with Amazon, scale their businesses, and seize cross-border opportunities. Guest-of-Honour, Minister for Trade and Industry, Mr Chan Chun Sing, leaders of Amazon Singapore, industry experts, and local business owners selling on Amazon.sg came together on Day 1 to discuss local and regional retail trends and offer insights on how SMBs can ‘Start Local, Go Global’ with Amazon.

    Connecting sellers to exchange best practices.

    As part of the Summit, Amazon hosted a panel of SMB founders to share experiences of growing their business online and their journey with Amazon. Through the support of Amazon’s global network and its logistics and inventory solutions such as Fulfilment by Amazon (FBA), each of them has expanded to serve customers globally – all from the comfort and safety of their homes.

    “When I started Rui Smiths in 2014, selecting Amazon as the e-commerce store for my business was a no brainer. Amazon has been offering an unparalleled service that perfectly fits my needs, since my initial days as a new business owner, allowing me to expand internationally from the get-go. In just 4 years, with Amazon, we had hit S$200,000 in sales and were already selling in the US, UK, and Australia,” said Debbie Cai, founder, Rui Smiths. “I hope the insights and resources shared at the Summit will help many local sellers like myself grow their business not only in Singapore but also beyond shores for customers everywhere.”

    Local resources for sellers in Singapore to unleash and maximize global growth opportunities

    To date, Amazon has provided support to thousands of SMBs keen to sell online with Amazon.sg and its stores globally and continues to help many of them go digital and build thriving businesses. To shine the spotlight on more local retailers, Amazon continues to promote a dedicated “Shop Local” storefront on Amazon.sg, featuring local brands’ founding stories and a plethora of products in categories such as home and home improvement, electronics, kitchen and dining, health and personal care, toys and games, groceries and more.

    Other resources introduced include the Amazon Seller App for local sellers with accounts on Amazon.sg to track sales and manage their business via mobile, the Marketplace Appstore, a one-stop shop to discover third-party applications and services for automating tedious business aspects, and the Seller Forum, a resource for first-hand advice from fellow business owners on selling with Amazon. Sellers can also join the Sell on Amazon Singapore Facebook page to connect with the community of sellers on Amazon.sg.

    These initiatives are furthered by Amazon.sg’s ongoing collaboration with Infocomm Media Development Authority (IMDA) for the Digital Resilience Bonus, offering eligible SMBs a bonus of up to S$2,500 for selling on e-commerce channels like Amazon. The bonus is available to eligible local retailers until 30 June 2021.

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  • E-commerce market grows in Vietnam

    E-commerce market grows in Vietnam

    Vietnam’s e-commerce market expanded by 18 percent last year to $11.8 billion, the only country in Southeast Asia to record double-digit growth amid the Covid-19 pandemic.

    Besides, payment services were strengthened and the largest companies in the manufacturing sector incorporated e-commerce into their long-term strategies, according to a recent report by the Vietnam e-Commerce and Digital Economy Agency.

    The country’s Online Friday e-commerce event in early December last year saw the number of transactions rise by 267 percent from the previous year to 3.7 million, it said.

    However, though the number of transactions rose last year, revenues fell because most Covid-19 related items were of low value and people’s incomes were hit, it said.

    A report last month by market research company GlobalData’s E-Commerce Analytics said Vietnam’s e-commerce is set to see compounded annual growth of 18.8 percent between 2020 and 2024 to reach $26.1 billion.

  • Amazon tries to block Future’s retail asset sale, seeks CEO’s detention-filing

    Amazon tries to block Future’s retail asset sale, seeks CEO’s detention-filing

    Amazon.com Inc has requested an Indian court to block partner Future Group’s $3.4 billion deal to sell its retail assets and called for the Indian group’s CEO to be detained, a court filing seen by Reuters showed.

    In the U.S. giant’s latest effort to derail Future’s asset sale to Reliance Industries, it asked the High Court in New Delhi to enforce the decision of a Singapore arbitrator, which Amazon and Future had agreed to use in case of disputes, the filing showed.

    In October, the arbitrator issued an interim order saying Future’s deal with Reliance should be put on hold.

    Future has “deliberately” disobeyed the arbitrator’s order without challenging it, Amazon argued in its court filing, which is likely to be heard by the court in New Delhi later this week.

    Any violation of the arbitrator order invites the “same consequences” as a violation of an Indian court order would, Amazon argued, urging the court to also detain Future Group CEO Kishore Biyani, and some other respondents in the case, in a civil prison.

    Future, in a statement to India’s BSE and NSE stock exchanges, said it had been informed by Amazon lawyers about the court filing, and that it would defend the case.

    Future and a spokesman for Biyani, as well as Reliance, did not respond to Reuters’ requests for comment. Amazon declined to comment.

    Amazon has also asked the court to attach assets of Biyani to the case so they can’t be disposed of. Biyani is often dubbed India’s retail king for transforming the country’s retailing in recent decades.

    Amazon argues Future breached some pre-existing clauses by entering into a deal with Reliance, but the Indian group has maintained the arbitrator’s order is not binding and needs to be ratified by an Indian court.

    The U.S. group’s latest court move comes after Indian stock exchanges last week gave the go-ahead to the Future deal, after communicating with India’s markets regulator, the Securities and Exchange Board of India (SEBI).

    The Amazon filing also argued that Future should not rely on any regulatory approval it has received, in light of the arbitrator’s injunction.

    The dispute centers around Future’s decision in August to sell its retail, wholesale, logistics, and some other businesses to Reliance for $3.38 billion, including debt.

    Amazon argues that a 2019 deal it had with a Future unit had clauses saying the Indian group couldn’t sell its retail assets to anyone on a “restricted persons” list including Reliance.

    The outcome of the dispute embroiling Future, Reliance, and Amazon is seen shaping India’s retail landscape, especially in deciding who will occupy the top spot in the grocery market which could be worth around $740 billion a year by 2024, according to a forecast by Forrester Research.

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  • E-commerce market grows

    E-commerce market grows

    Vietnam’s e-commerce market expanded by 18 percent last year to $11.8 billion, the only country in Southeast Asia to record double-digit growth amid the Covid-19 pandemic.

    Besides, payment services were strengthened and the largest companies in the manufacturing sector incorporated e-commerce into their long-term strategies, according to a recent report by the Vietnam e-Commerce and Digital Economy Agency.

    The country’s Online Friday e-commerce event in early December last year saw the number of transactions rise by 267 percent from the previous year to 3.7 million, it said.

    However, though the number of transactions rose last year, revenues fell because most Covid-19 related items were of low value and people’s incomes were hit, it said.

    A report last month by market research company GlobalData’s E-Commerce Analytics said Vietnam’s e-commerce is set to see compounded annual growth of 18.8 percent between 2020 and 2024 to reach $26.1 billion.

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  • South Korean online platforms face scrutiny over unfair business practices

    South Korean online platforms face scrutiny over unfair business practices

    South Korea has launched an antitrust investigation into Google over its plans to enforce commission fees for in-app purchases made through its mobile application store, a top official said Thursday.

    The U.S. tech giant has come under intense scrutiny from South Korean regulators after it updated its global policy late last month to make all apps on its Play store use its proprietary billing system.

    Under the new policy set to take effect in October next year, Google will take a 30 percent commission on all digital purchases by consumers.

    South Korean app developers have >voiced strong opposition against the move, arguing that it could be in violation of local fair trade and telecommunications laws.

    Joh Sung-wook, chairperson of the Korea Fair Trade Commission (KFTC), told lawmakers during a parliamentary audit that Google’s plan is currently being reviewed.

    “I believe that competition isn’t working properly in this industry,” she said. “In order to restore competition, we are currently investigating for anti-competitive actions.”

    Google holds a tight grip over local app store sales, with a 63.4 percent share of the total last year at 6 trillion won (US$5 billion), according to the Korea Mobile Internet Business Association.

    Han Sang-hyuk, head of the Korea Communications Commission, echoed Joh’s concerns, and called for inter-agency cooperation over the issue.

    “We need to monitor the response from other countries and also create a structure for cooperation between local agencies,” Han told lawmakers in a separate audit.

    The country’s telecommunications regulator is conducting a separate investigation into Google over its in-app payment policy.

    Google has argued that it is committed to an open system by offering other app stores on its Android platform and that it will comply with local laws.

    In response to growing frustration, Google has established a support fund worth $100 million for local app developers and users.

    On Wednesday, ICT Minister Choi Ki-young brushed off the fund, telling lawmakers that it is not enough in the long run.

    Choi said the ICT ministry will wrap up its review of fees imposed by online platform operators, primarily directed at Google, by the end of this month.

    Amid growing scrutiny over Google’s app store fees, local rival One Store, under the country’s top mobile carrier SK Telecom Co., said it would exempt in-app payment fees by 50 percent for app developers with monthly transactions of less than 5 million won until the end of next year.

    One Store already undercuts Google’s Play store, taking up to 20 percent in commission for in-app purchases.

  • Shopee scales up Brazil operations, eyes Latam potential – sources

    Shopee scales up Brazil operations, eyes Latam potential – sources

    Shopee, the e-commerce arm of Southeast Asia’s SEA Ltd, is scaling up its operations in Brazil and evaluating the long-term potential of Latin American markets, according to two people with knowledge of the matter.

    Shopee, the largest e-commerce platform in Southeast Asia according to market researchers, launched a small presence in Brazil in late 2019 as a pilot initiative of its cross-border team.

    The company is now growing its presence and moving executives from Southeast Asia to Brazil said the sources who were briefed on the matter but declined to be identified as they were not authorized to speak to media.

    The Singapore-headquartered technology group’s shares surged more than 400% in 2020, taking its market capitalization to $120 billion. It raised close to $3 billion in a stock offering last month.

    On Linkedin, Shopee is currently recruiting for over three dozen positions in Brazil. Pine Kyaw, formerly country managing director for Shopee’s high-growth Vietnam unit, is listed on the job platform as having become Shopee Brazil country head. Kyaw could not be reached for comment.

    SEA Chief Corporate Office Yanjun Wang told an investor call in November that Shopee Brazil, while cross-border driven, was now being used by local sellers.

  • EBay close to selling Korean unit

    EBay close to selling Korean unit

    Global e-commerce business eBay is reportedly selling off its Korean businesses G-Market, Auction, and G9, in a deal worth $4.5 billion (5 trillion won).

    eBay is exploring a number of “strategic alternatives” for its Korean business and is looking for options that will maximize value for shareholders and create growth for the wider business.

    “From last week, we heard there is going to be an announcement made by our headquarters in the United States. Given that it said it was considering a variety of options, it seems to be in the process of selling the platforms,” an eBay Korea official said.

    EBay’s Korean platforms provide around 11 percent of its annual sales, and it’s expected any player that acquires the three businesses could become one of the top three e-commerce platforms in Korea.

    Rival marketplace Coupang, which is considered South Korea’s most popular online retailer, is reportedly looking to go public in the first half of 2021.

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  • E-payment startup Gpay bags funding from South Korean investor

    E-payment startup Gpay bags funding from South Korean investor

    Vietnamese e-wallet provider Gpay has received an undisclosed amount in Series A funding from South Korean listed bank KB Financial Group.

    The Series A round values the digital payment business at VND425 billion ($18.46 million), and the fresh funds will be used to expand its team and user base, as also upgrade its technology, Gpay said in a statement.

    G-Group Technology Corporation, Gpay’s parent, has also joined hands with KB Financial to launch a VND300 billion fintech joint venture, called KB Fina, which will provide financial services to unbanked or underbanked consumers, Gpay said.

    G-Group general director Phung Anh Tu said they expect the fintech platform, which incorporates financial and investment advisory products already provided by KB Financial Group in its home country, to come online in the second quarter this year.

    Established in 2018, Gpay obtained its e-payment license in April 2020. However, it faces fierce competition in the Vietnamese digital payment market, where there are currently 39 other licensed e-wallet service providers.

    Gpay said it will not be “burning cash” to fight for a higher market share, but will serve G-Group’s 30 million users currently using various services on its digital ecosystem, which includes peer-to-peer lending firm Tima, digital media firm Beat.vn, and social networking app Gapo.

    Last week, Momo, another payments app in Vietnam, raised an undisclosed amount in Series D financing from U.S.-based investment funds Warburg Princus and Goodwater Capital.

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  • Jack Ma resurfaces in online meeting after three-month absence

    Jack Ma resurfaces in online meeting after three-month absence

    Alibaba Group founder Jack Ma met 100 rural teachers in China via a live video meeting on Wednesday morning, in the businessman’s first appearance since October.

    Social media speculation over the whereabouts of China’s highest-profile entrepreneur swirled this month after news reports that he missed the final episode of a TV show featuring him as a judge, amid a regulatory clampdown by Beijing on his sprawling business empire.

    Ma had not appeared in public since a late-October forum in Shanghai, where he blasted China’s regulatory system in a speech that set him on a collision course with officials, leading to the suspension of a $37-billion IPO of Alibaba’s financial affiliate Ant Group.

    Tianmu News, a news portal under Zhejiang Online, which is backed by the provincial Zhejiang government, first reported that Ma had met with the teachers via a live video conference on Wednesday.

    The Jack Ma Foundation said that Ma participated in the online ceremony of the annual Rural Teacher Initiative event on Wednesday. Alibaba Group also confirmed that Jack Ma attended the online event.

    In the 50-second video, Ma, dressed in a navy pullover, spoke directly to the camera from a room with grey marble walls and a striped carpet. It was not clear from the video or the Tianmu News article where he was speaking from.

    He addressed teachers receiving the Jack Ma Rural Teachers Award, who in previous years would have attended a ceremony organized by the Jack Ma Foundation in the Chinese seaside city of Sanya.

    “We cannot meet in Sanya due to the epidemic,” he said in the speech, which did not discuss his whereabouts. “When the epidemic is over, we must find time to make up for everyone’s trip to Sanya, and then we will meet again!”

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  • Jack Ma went missing?

    Jack Ma went missing?

    Once the poster boy for a new generation of multi-billionaire Chinese business and tech leaders, Alibaba founder Jack Ma’s fortunes have taken a serious dip in the last three months. Since a controversial speech in China in October 2020, where he lamented the country’s financial regulatory system and called for it to be reformed, the billionaire has been facing a series of actions from the Chinese authorities.

    He has faced a number of business setbacks since, including a block on his plans for a stellar listing on the stock market, actions which have in turn left the market wary of his firms.

    And he has now not been seen in public for more than two months – highlighted by his mysterious withdrawal from a scheduled appearance on his own reality TV show.

    Who is Jack Ma?

    Born in Hangzhou in eastern China, the 56-year-old came from a poor family and was once an English teacher. He bought his first computer aged 33, and in the last two decades rose to become a shining star of China’s booming economy through the success of his e-commerce giant Alibaba.

    Ma stepped down as chairman of Alibaba in 2019, but has remained in the public eye through media appearances and philanthropic work. During the Covid-19 pandemic he has donated masks and ventilators to the US – an effort that drew praise from several US politicians – and he is the face of a talent show to support young entrepreneurs.

    Where is Jack Ma?

    Ma’s removal from the good books of the Chinese authorities appears to have been even quicker than his rise to fame and fortune. The billionaire, who is known to speak freely, at a summit in October 2020 came down heavily on China’s financial regulators.

    He called for reforms in the financial system, speaking to an audience that included many officials of the regulatory organisations he was criticising.

    The response was swift. In November, a planned IPO of Ma’s Ant Group was suspended by the Chinese authorities and later, in December, the buyback plan of shares worth billions of pounds also failed to excite the investors. The authorities also opened an investigation against his firms.

    After years as the outgoing face of his companies – Ma once danced in front of tens of thousands of his company’s employees dressed in an outfit inspired by Michael Jackson – he is now conspicuously absent from the stage, without a public appearance in weeks or even a tweet in three months.

    Jack Ma net worth

    Jack Ma has various business interests. Apart from being the founder of Alibaba, he also has a stake in the online payment service Ant Group.

    It’s a dramatic change for a man who once taught English for $15 (£11) a month. He says he was rejected for 30 other jobs – including one serving at KFC – before he founded his own company.

    At one point Ma became Asia’s richest person – though he was later supplanted by another Chinese businessman.

    According to Bloomberg’s Billionaires Index, his net worth is about $50.6bn (£37bn), making him the 25th richest person in the world.

    Jack Ma and Alibaba

    Ma has said he drew the inspiration to start Alibaba from a trip to the US in 1995.  Subsequently, in 1999, Ma along with 18 people including many of his friends founded Alibaba Group from an apartment in Hangzhou, where they pooled in $60,000 (£44,000) for the venture.

    The group struggled early on and by 2002 they only had enough cash coming in to support 18 months of operation. But then came a timely intervention to connect two big markets – the US and China – ensuring that American buyers could get easier access to Chinese manufacturers, and slowly steadying the business.

    Over the years, the group became increasingly profitable and Ma and Alibaba became a force to reckon with. Ma started featuring on the covers of international business magazines – something uncommon for Chinese businessmen at that time.

    As a result, the reach of the Alibaba group, which was once rejected by funders, is now spread over 190 countries. It has become a leading platform for wholesale trade connecting millions of buyers and suppliers. It now has an estimated market cap of about $648.3bn (£474bn).

    With an estimated 100,000 employees, Alibaba now has interests in e-commerce, cloud computing, cashless payment and even movies.

    Ma stepped down from his role as chairman in 2019 and reports suggested he would focus his time and efforts on his philanthropic work.

    But as with many firms, the founder’s shadow looms large over Alibaba’s fortunes – something that the October 2020 controversy has shown. He remains an influential member of the Alibaba Partnership, for instance – a group of 36 members who can influence the nomination of the company’s board of directors.

    The company state’s that its vision is to be in operation for at least 102 years – but if the current trajectory of the crackdown on Ma continues, the dream may end much more abruptly than that.

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