In an attempt to assure investors, the company announced it will now repurchase $15 billion in shares through next year, up from the original $10 billion repurchase plan.
A white crocodile Himalaya Birkin was auctioned for $63,720 on the site. The same bag was sold at Sotheby’s for $139,944.
The brand is soft launching on June 28, with plans for an official debut, with a wider selection of products, set for August.
Their T-Lab can shorten end-to-end product development to four weeks, in keeping with the fast-paced digital opportunities in the country today.
Created by former Alibaba and Ant Financial executives, the platform offers a complete e-commerce service for creators.
China’s largest e-commerce operator said it would roll out new measures and incentives to help keep businesses on its platforms.
It’s one of the largest penalties Chinese regulators have ever issued.
The platform will also be equipped with blockchain technology from Ant Group to solve trust and counterfeit problems.
Connecting millions of buyers and suppliers around the world in over 190 countries.