Alibaba Group Holding Ltd Ties up with Fitbit
Fitbit and Tmall.com have announced that they have signed an MoU to significantly grow Fitbit’s reach in China. The latter is China’s largest third-party platform for brands and retailers. It is owned by Alibaba. Fitbit’s mission is to help people live a healthier and more active lifestyle. Given China’s market size, this partnership will take forward the Fitbit platform to hundreds of millions of people in China. The Fitbit platform consists of devices, apps, social and motivational features, advice and personalized coaching. It helps users make certain changes so that they can be more active, exercise more, eat smarter, track their sleep and manage their weight.
Alibaba itself is a Chinese firm. In the most recent quarter, it had 393 mn monthly active users. So when the next earnings call takes place on Thursday, analysts will want to see this number rising because the firm does more business than many other peers. Likewise, another metric, as usual for an e-commerce site, will be the gross merchandise volume (GMV). Alibaba has often failed to meet forecasts. Now there are economic concerns too, especially with Chinese manipulation of the yuan spelling trouble.
Needham & Co.’s analyst Kerry Rice had said last month that they see Alibaba Group Holding Ltd (NYSE:BABA) as being the best e-commerce marketplace of its kind. It not only serves as a ‘tollgate’ of sorts for merchants and brands that want to reach the 1.4 bn Chinese consumers, but it also extends their reach around the world. Rice added that their own survey results indicate that Chinese consumers spend the most time and money on Alibaba sites. This is expected to rise over the next year (in terms of both time and money).
Jack Ma is Now the Richest Asian Man
The chairman Jack Ma has now overtaken Dalian Wanda Group Co.’s Wang Jianlin as Asia’s richest man. This comes after Alibaba’s financial associate Ant Financial raised one of the biggest ever amounts for an Internet firm. As a result of the same, Ma added $4.3 bn to his fortune on Tuesday. This took his wealth to $33.3 bn, as per the Bloomberg Billionaires Index. Now he is ahead of Wang, who has $32.7 bn, and Hong Kong tycoon Li Ka-shing, who has $29.5 bn.