Alibaba Group Holding Ltd

Global fashion houses are reshaping their discount strategies in China, hoping to rebuild exclusivity and attract wealthy consumers amid an economic slowdown that has impacted middle-class spending.

The e-commerce giant’s domestic division which includes Tmall and Taobao eked out just 1 percent sales growth in Q2 but its international division which encompasses Lazada and AliExpress saw revenue expand by 35 percent.

From sportswear giants Anta and Peak to cosmetic brands Maogeping and Chando, Chinese companies placed their marketing bets on team uniforms, athlete endorsements and themed products.

Starting this month, Chinese shoppers can snap up a small beige, crocodile-patterned version of Balenciaga’s iconic Hourglass handbag for $1,947, or 35 percent off on the mainland’s dominant e-commerce platform, Alibaba Group Holding Ltd.’s Tmall.

The Chinese tech and retail giant has vowed to change practices deemed anti-competitive and support merchants in a bid to move on from recent regulatory troubles.

The group's core e-commerce business continues to grow post-pandemic.

The Jakarta-based company, backed by SoftBank and Alibaba, is looking to US internet companies and existing investors for a pre-IPO funding round, according to sources.

The shopping day has become an indicator of Chinese consumer health.

Alibaba will use Perfect Corp’s virtual try-on technology when selling products like lipstick and eyeliner on its Taobao and Tmall online shopping platforms.

The e-commerce conglomerate will invest $2 million into the largest Chinese shopping site for imported goods.