Alibaba highlights record-breaking 6.18 shopping festival
Alibaba has announced that its Taobao and Tmall platforms have achieved record success with this year’s 6.18 Mid-Year Shopping Festival.
The festival, a sister campaign to the astoundingly lucrative 11.11 Singles Day event, capitalised on the consumer demand for high-quality products across China’s less-developed regions, Alibaba said in its press release.
With more than 200,000 participating brands across Alibaba-owned platforms, the conglomerate said it was the most inclusive 6.18 yet and emblematic of the potential for retail events to vie for 11.11’s prodigious revenue generation.
“The results of the ‘6.18 Mid-Year Shopping Festival’ are encouraging. It has proven to be a celebration that can match the enthusiasm and scale of the ‘11.11 Global Shopping Festival,’” said Jiang Fan, President of Taobao and Tmall, in the press release.
“More than 100 brands achieved a new sales record that surpassed the result from last year’s 11.11. We are very pleased to see that our strategy to help brands penetrate the less-developed markets has paid off.
“Customers in the emerging cities are very receptive to innovative products and promotion campaigns such as programs on the Juhuasuan platform. The number of customers and GMV from third- to fifth-tier cities both hit 100% growth.
“We believe this group of customers will continue to grow into a strong and sustainable force for brands who are looking at further developing the Chinese market,” added Jiang.
Business Chief Legend: Ho Ching, CEO of Temasek
Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.
Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.
Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.
Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.
As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.
It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.
But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.
As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.
So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.