Aussie dollar falls on reported coal ban from China — but analysts see limited impact

The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port. Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days. He added th


The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port. Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days. He added th
Aussie dollar falls on reported coal ban from China — but analysts see limited impact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: saheli roy choudhury, carla gottgens, bloomberg, getty images, -vivek dhar, national australia bank
Keywords: news, cnbc, companies, china, analysts, falls, australian, times, reported, coal, tumbled, impact, trade, limited, ban, aussie, dollar, australia, chinese, banned


Aussie dollar falls on reported coal ban from China — but analysts see limited impact

The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port.

Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days.

On Friday afternoon, the Australian dollar eked out slight gains to trade at $0.7101 at 2:55 p.m. HK/SIN, up from an earlier low of $0.7081. Local coal stocks mostly sold off. Shares of BHP fell 0.42 percent, Whitehaven retraced losses to gain 0.66 percent, Yancoal declined 2.8 percent and New Hope Group tumbled 3.55 percent.

Market speculation suggests Thursday’s report may be a reflection of strains in the political and trade relationship between Australia and China in recent times, Ivan Colhoun, chief economist for markets at the National Australia Bank, said in a note. He added that the reported ban would affect a relatively small portion of the country’s coal exports.

Last year, Australia banned Chinese telecommunication companies Huawei and ZTE from selling 5G technology equipment in the country, citing national security concerns. More recently, Australia rescinded the visa of a prominent Chinese businessman.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: saheli roy choudhury, carla gottgens, bloomberg, getty images, -vivek dhar, national australia bank
Keywords: news, cnbc, companies, china, analysts, falls, australian, times, reported, coal, tumbled, impact, trade, limited, ban, aussie, dollar, australia, chinese, banned


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Chinese search giant Baidu beats on advertising sales but streaming costs surge

Chinese search engine operator Baidu beat market estimates for fourth-quarter revenue and profit on Thursday, as its core online marketing business stayed resilient and revenue surged in its Netflix-like streaming service iQiyi. The company, which is trying to cut its dependence on its core search business, spent heavily on content for iQiyi and promotions to attract new customers last year as its online ad business showed signs of pressure. “New growth will be driven by technological innovation


Chinese search engine operator Baidu beat market estimates for fourth-quarter revenue and profit on Thursday, as its core online marketing business stayed resilient and revenue surged in its Netflix-like streaming service iQiyi. The company, which is trying to cut its dependence on its core search business, spent heavily on content for iQiyi and promotions to attract new customers last year as its online ad business showed signs of pressure. “New growth will be driven by technological innovation
Chinese search giant Baidu beats on advertising sales but streaming costs surge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: simon lim, afp, getty images
Keywords: news, cnbc, companies, chinese, online, surge, beats, business, search, baidu, core, streaming, yuan, sales, billion, advertising, iqiyi, revenue, costs, giant


Chinese search giant Baidu beats on advertising sales but streaming costs surge

Chinese search engine operator Baidu beat market estimates for fourth-quarter revenue and profit on Thursday, as its core online marketing business stayed resilient and revenue surged in its Netflix-like streaming service iQiyi.

Baidu is betting its focus on streaming and new areas such as artificial intelligence (AI) will boost revenue and offset lower ad sales from real estate, finance and other sectors impacted by China’s economic slowdown.

The company, which is trying to cut its dependence on its core search business, spent heavily on content for iQiyi and promotions to attract new customers last year as its online ad business showed signs of pressure.

“We have entered a new stage for the Chinese internet,” Baidu Chief Executive Robin Li said in a conference call with analysts, warning that the market has saturated.

“New growth will be driven by technological innovation, and for our core search and news feed we continue to see a lot of room to grow.”

Baidu will begin expanding its AI capabilities, such as smart speakers and autonomous driving, to enterprise and government customers to boost profits, executives said.

The company’s key online marketing business, which includes search, news feeds and a video app and accounts for more than three quarters of the company’s revenue, grew 10 percent to 21.2 billion yuan ($3.15 billion) in the quarter ended Dec. 31.

But revenue from the business rose 10 percent in the December quarter, the slowest pace in six quarters, while spending per customer slipped 4 percent.

Revenue from iQiyi, in contrast, jumped 55 percent to 7 billion yuan. Content costs however nearly doubled to 7.3 billion yuan, mostly for iQiyi, and the company expects such expenses to rise in 2019.

“We made a huge promotion around Chinese new year. So we have to consider that cost,” Chief Financial Officer Herman Yu said, referring to a campaign run in cooperation with state broadcaster CCTV.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: simon lim, afp, getty images
Keywords: news, cnbc, companies, chinese, online, surge, beats, business, search, baidu, core, streaming, yuan, sales, billion, advertising, iqiyi, revenue, costs, giant


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Tesla begins Model 3 delivery in China ahead of schedule

Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected. Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March. State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai. In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the s


Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected. Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March. State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai. In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the s
Tesla begins Model 3 delivery in China ahead of schedule Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: evelyn cheng, mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, china, schedule, model, ahead, worlds, electric, begins, vehicles, tesla, company, delivery, yearthe, week, chinese


Tesla begins Model 3 delivery in China ahead of schedule

Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected.

Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March.

State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai.

In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the second half of this year.

The company has said manufacturing in the world’s largest market for electric cars would help reduce transport and tariff costs. The automaker said in October it operates at a 55 percent to 60 percent cost disadvantage compared with its Chinese peers.

Tesla’s revenues from China fell 13 percent last year to $1.8 billion, the company disclosed in a filing with the U.S. Securities and Exchange Commission on Feb. 19.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: evelyn cheng, mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, china, schedule, model, ahead, worlds, electric, begins, vehicles, tesla, company, delivery, yearthe, week, chinese


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Trump to meet with Chinese Vice Premier Liu He as China-US trade talks wrap up

President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He on Friday as China and the U.S. end another week of trade talks. Liu has been named special envoy to Chinese President Xi Jinping, meaning he has the authority to negotiate directly on trade matters with the U.S. Reuters reported that U.S. and Chinese officials are struggling to come up with language that will address some of these issues. The meeting between Liu and Trump comes as the countries try to strike a trade de


President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He on Friday as China and the U.S. end another week of trade talks. Liu has been named special envoy to Chinese President Xi Jinping, meaning he has the authority to negotiate directly on trade matters with the U.S. Reuters reported that U.S. and Chinese officials are struggling to come up with language that will address some of these issues. The meeting between Liu and Trump comes as the countries try to strike a trade de
Trump to meet with Chinese Vice Premier Liu He as China-US trade talks wrap up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: fred imbert, kayla tausche, brendan smialowski, afp, getty images
Keywords: news, cnbc, companies, vice, reported, meet, trump, liu, china, week, premier, talks, chinaus, president, trade, come, chinese, youtube, wrap


Trump to meet with Chinese Vice Premier Liu He as China-US trade talks wrap up

President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He on Friday as China and the U.S. end another week of trade talks.

Liu has been named special envoy to Chinese President Xi Jinping, meaning he has the authority to negotiate directly on trade matters with the U.S.

The Wall Street Journal reported that the White House is counting on getting China to accept key structural changes on issues such as improper subsidies to state-owned companies and unlawful technology transfers. Reuters reported that U.S. and Chinese officials are struggling to come up with language that will address some of these issues.

The meeting between Liu and Trump comes as the countries try to strike a trade deal before March 2. If they don’t, additional U.S. tariffs on Chinese goods could come into effect. However, Trump said earlier this week that the deadline was not a “magical date,” hinting it could be moved.

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Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: fred imbert, kayla tausche, brendan smialowski, afp, getty images
Keywords: news, cnbc, companies, vice, reported, meet, trump, liu, china, week, premier, talks, chinaus, president, trade, come, chinese, youtube, wrap


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Alibaba CEO rules out layoffs this year despite China’s slowing economy

Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States. “When the economy is bad, the biggest advantage for online platforms is to create jobs.” This week reports circulated in Chinese media that e-commerce site and Alibaba rival J


Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States. “When the economy is bad, the biggest advantage for online platforms is to create jobs.” This week reports circulated in Chinese media that e-commerce site and Alibaba rival J
Alibaba CEO rules out layoffs this year despite China’s slowing economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: wei zhiyang zhejiang daily press group, visual china group, getty images
Keywords: news, cnbc, companies, alibaba, slowing, cuts, rules, ceo, media, chinese, economy, reports, zhang, layoffs, platforms, chinas, weibo, wont, despite


Alibaba CEO rules out layoffs this year despite China's slowing economy

Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday.

The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States.

“This year we not only won’t layoff employees, we will continue to utilise the resources on our platforms to boost consumption, bringing in more manufacturing and services orders,” Zhang said in a Weibo post.

“When the economy is bad, the biggest advantage for online platforms is to create jobs.”

This week reports circulated in Chinese media that e-commerce site and Alibaba rival JD.com Inc would lay off 10 percent of its senior executives. The company declined to comment directly on the cuts.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: wei zhiyang zhejiang daily press group, visual china group, getty images
Keywords: news, cnbc, companies, alibaba, slowing, cuts, rules, ceo, media, chinese, economy, reports, zhang, layoffs, platforms, chinas, weibo, wont, despite


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US wants a more stable yuan, China wants that too: Experts

“The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk.” “Fact is, the PBoC is also after a stable CNY,” he said, using the three-letter abbreviation for the Chinese yuan (which is also called the renminbi, or RMB). “The idea of CNY devaluation as a (mercantilist) strategy is not only outdated, but is also misguided,” Varathan said. “The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk,” he said. “First, China, as a responsible


“The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk.” “Fact is, the PBoC is also after a stable CNY,” he said, using the three-letter abbreviation for the Chinese yuan (which is also called the renminbi, or RMB). “The idea of CNY devaluation as a (mercantilist) strategy is not only outdated, but is also misguided,” Varathan said. “The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk,” he said. “First, China, as a responsible
US wants a more stable yuan, China wants that too: Experts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: weizhen tan, afp, getty images, -vishnu varathan, mizuho bank head of economics
Keywords: news, cnbc, companies, china, markets, market, experts, wants, exchange, devaluation, yuan, stable, trade, strategy, cny, risk, chinese


US wants a more stable yuan, China wants that too: Experts

“The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk.”

That reportedly hasn’t stopped the White House from seeking assurances there’d be no devaluation, but that American pursuit for yuan stability is “superfluous,” according to Mizuho Bank Head of Economics and Strategy Vishnu Varathan.

“Fact is, the PBoC is also after a stable CNY,” he said, using the three-letter abbreviation for the Chinese yuan (which is also called the renminbi, or RMB).

The world’s second-largest economy has been on a drive to open up its financial sector, and has also been pushing for more international use of the yuan. So, it’s already in China’s interest to maintain currency stability as Beijing opens domestic markets up to international investment, said Tuan Huynh, emerging markets chief investment officer at Deutsche Bank Wealth Management.

“The idea of CNY devaluation as a (mercantilist) strategy is not only outdated, but is also misguided,” Varathan said. “Beijing’s struggle at the margin is to prevent abrupt and excessive slide in the CNY (brought about by US-China trade risks, which in turn could trigger capital outflows and asset market wobbles).” Editor’s note: Varathan included the above parentheses in his emailed comments to CNBC.

“The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk,” he said.

Chinese authorities also dismissed such concerns in a press conference on Wednesday, following Bloomberg’s report that sources familiar with the trade negotiations said Trump’s team is asking China to keep the yuan stable.

“First, China, as a responsible major country, has made clear its position repeatedly that it does not engage in competitive devaluation. Second, we will not use the RMB exchange rate as a tool amid trade disputes,” said Chinese Foreign Ministry spokesman Geng Shuang.

He added: “Third, we hope the US can respect law of markets and objective facts, and refrain from politicizing exchange rate issues.”

Jameel Ahmad, global head of currency strategy and market research at foreign exchange broker FXTM, echoed that sentiment, saying the idea of a Chinese devaluation is not worthy of attention “in the current day and age.”

If anything, he added, a neutral observer would expect Beijing’s “preference would be for strength in the Chinese currency, because of the impact this can have on risk appetite and emerging market sentiment.”


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: weizhen tan, afp, getty images, -vishnu varathan, mizuho bank head of economics
Keywords: news, cnbc, companies, china, markets, market, experts, wants, exchange, devaluation, yuan, stable, trade, strategy, cny, risk, chinese


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Tesla begins Model 3 delivery in China ahead of schedule

Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected. Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March. State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai. In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the s


Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected. Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March. State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai. In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the s
Tesla begins Model 3 delivery in China ahead of schedule Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: evelyn cheng, mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, china, schedule, model, ahead, worlds, electric, begins, vehicles, tesla, company, delivery, yearthe, week, chinese


Tesla begins Model 3 delivery in China ahead of schedule

Tesla announced Friday during an event in Beijing that it’s beginning delivery of the Model 3 in China, at least a week earlier than expected.

Elon Musk’s electric car company said in January it planned to start deliveries of the vehicle in China in March.

State-funded Chinese news site The Paper also reported Friday that a ship carrying more than 1,600 Model 3 vehicles had arrived in Shanghai.

In January, Tesla broke ground on its factory in Shanghai and production is expected to begin in the second half of this year.

The company has said manufacturing in the world’s largest market for electric cars would help reduce transport and tariff costs. The automaker said in October it operates at a 55 percent to 60 percent cost disadvantage compared with its Chinese peers.

Tesla’s revenues from China fell 13 percent last year to $1.8 billion, the company disclosed in a filing with the U.S. Securities and Exchange Commission on Feb. 19.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: evelyn cheng, mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, china, schedule, model, ahead, worlds, electric, begins, vehicles, tesla, company, delivery, yearthe, week, chinese


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Alibaba CEO rules out layoffs this year despite China’s slowing economy

Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States. “When the economy is bad, the biggest advantage for online platforms is to create jobs.” This week reports circulated in Chinese media that e-commerce site and Alibaba rival J


Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States. “When the economy is bad, the biggest advantage for online platforms is to create jobs.” This week reports circulated in Chinese media that e-commerce site and Alibaba rival J
Alibaba CEO rules out layoffs this year despite China’s slowing economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: wei zhiyang zhejiang daily press group, visual china group, getty images
Keywords: news, cnbc, companies, platforms, chinas, weibo, ceo, media, cuts, slowing, layoffs, despite, rules, alibaba, wont, reports, economy, chinese, zhang


Alibaba CEO rules out layoffs this year despite China's slowing economy

Alibaba expects to avoid layoffs this year despite China’s economic slowdown, CEO Daniel Zhang said on Friday.

The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China’s internet sector amid weakening domestic demand and an prolonged trade dispute with the United States.

“This year we not only won’t layoff employees, we will continue to utilise the resources on our platforms to boost consumption, bringing in more manufacturing and services orders,” Zhang said in a Weibo post.

“When the economy is bad, the biggest advantage for online platforms is to create jobs.”

This week reports circulated in Chinese media that e-commerce site and Alibaba rival JD.com Inc would lay off 10 percent of its senior executives. The company declined to comment directly on the cuts.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: wei zhiyang zhejiang daily press group, visual china group, getty images
Keywords: news, cnbc, companies, platforms, chinas, weibo, ceo, media, cuts, slowing, layoffs, despite, rules, alibaba, wont, reports, economy, chinese, zhang


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Chinese tourism growth slows during the Lunar New Year holiday

Tourism growth in China slowed during this year’s major Spring Festival holiday, indicating overall sentiment around the economy has yet to turn around. Chinese New Year is typically spent visiting relatives, but as one of China’s few major public holiday seasons, it has increasingly become a popular time to travel. This year, the work holiday officially ran the first full week of February. The closely watched Chinese consumer has become a significant force in overseas travel. The auto sector —


Tourism growth in China slowed during this year’s major Spring Festival holiday, indicating overall sentiment around the economy has yet to turn around. Chinese New Year is typically spent visiting relatives, but as one of China’s few major public holiday seasons, it has increasingly become a popular time to travel. This year, the work holiday officially ran the first full week of February. The closely watched Chinese consumer has become a significant force in overseas travel. The auto sector —
Chinese tourism growth slows during the Lunar New Year holiday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: evelyn cheng, vcg, getty images
Keywords: news, cnbc, companies, tourism, slows, work, chinese, willing, lunar, watched, week, major, china, holiday, economy, growth, overseas


Chinese tourism growth slows during the Lunar New Year holiday

Tourism growth in China slowed during this year’s major Spring Festival holiday, indicating overall sentiment around the economy has yet to turn around.

Chinese New Year is typically spent visiting relatives, but as one of China’s few major public holiday seasons, it has increasingly become a popular time to travel. This year, the work holiday officially ran the first full week of February. Tuesday, the 15th day from the start of the Lunar New Year, marked the traditional end of the celebrations.

The closely watched Chinese consumer has become a significant force in overseas travel.

An increasing number of merchants overseas have adopted Chinese mobile pay, while many retailers have employed Mandarin-speaking staff. Within China, economic slowdown and uncertainty around issues such as the U.S.-China trade tensions have already put some pause on big-ticket purchases.

Car sales fell for a seventh straight month in January, data this week showed. The auto sector — a major part of the Chinese economy — is watched as a barometer on how much consumers are willing to spend.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: evelyn cheng, vcg, getty images
Keywords: news, cnbc, companies, tourism, slows, work, chinese, willing, lunar, watched, week, major, china, holiday, economy, growth, overseas


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Why the ‘Amazon coat’ from this Chinese brand is a must-have for US consumers

A $129.99 winter coat by Chinese fashion label Orolay has become a number one best-seller on Amazon, becoming so popular it is now known as the “Amazon coat,” after going viral on social media. The Jiaxing Zichi Trade Co owns the Orolay label and is headquartered in China’s eastern Zhejiang province. Orolay was founded in 2006 and started selling online in 2010, mainly targeting people in North America and Western Europe. The company does its own design, manufacturing and distribution, which it


A $129.99 winter coat by Chinese fashion label Orolay has become a number one best-seller on Amazon, becoming so popular it is now known as the “Amazon coat,” after going viral on social media. The Jiaxing Zichi Trade Co owns the Orolay label and is headquartered in China’s eastern Zhejiang province. Orolay was founded in 2006 and started selling online in 2010, mainly targeting people in North America and Western Europe. The company does its own design, manufacturing and distribution, which it
Why the ‘Amazon coat’ from this Chinese brand is a must-have for US consumers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: lucy handley
Keywords: news, cnbc, companies, chinese, consumers, womens, orolay, musthave, social, wrote, shoppers, women, brand, coat, sell, mintel, label, amazon


Why the 'Amazon coat' from this Chinese brand is a must-have for US consumers

A $129.99 winter coat by Chinese fashion label Orolay has become a number one best-seller on Amazon, becoming so popular it is now known as the “Amazon coat,” after going viral on social media.

The Women’s Thickened Down Jacket has been reviewed more than 6,000 times on the e-commerce site and comes in five colors, with shoppers saying they are delighted to have got their hands on one.

“Just as expected. Love,” wrote one in a review on Amazon, adding: “It’s warm and I am pleased and happy I spotted this so, so often when in NYC and now I have mine all the way in London.” Another wrote: “Finally got after seeing 20 women wearing (it) during one walk.”

Some reviewers compared Orolay to outerwear from designer labels such as Canada Goose and Moncler, which typically sell coats for upwards of $900.

The Jiaxing Zichi Trade Co owns the Orolay label and is headquartered in China’s eastern Zhejiang province. Orolay was founded in 2006 and started selling online in 2010, mainly targeting people in North America and Western Europe.

The company does its own design, manufacturing and distribution, which it says means it can pay workers fairly and sell garments profitably. “Our goal is to establish a fashion brand beloved by people throughout the world,” it states on its website.

Its success is due in part to the influence of shoppers’ peers, according to Alexis DeSalva, a senior retail and e-commerce analyst at consultancy Mintel. Fifty-six percent of women aged 18 to 34 would be willing to buy something because a friend posted about it on social media, compared to 38 percent for all age-groups, according to a survey by Mintel in the U.S. in September 2018.

“A well-reviewed item or one shared on certain social platforms can influence women’s shopping decisions, prompting them to buy an item and even share their purchase with others, which can result in a domino effect,” DeSalva said in an email to CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: lucy handley
Keywords: news, cnbc, companies, chinese, consumers, womens, orolay, musthave, social, wrote, shoppers, women, brand, coat, sell, mintel, label, amazon


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