As the global retailer Toys ‘R’ Us files bankruptcy protection in the US, its businesses in Asia remain unaffected.
The Asian operations of Toys ‘R’ Us are not affected by the bankruptcy
The global retailer has filed for bankruptcy protection, strangled by heavy debt and a tough environment for physical stores. In Asia, Fung Retailing holds 15% stake in Toy ‘R’ Us while the global company owns the remaining.
There are 11 Toy ‘R’ Us stores in Singapore and it runs more than 220 outlets in East and Southeast Asia, with another licensed outlets in the Philippines and Macau.
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Mobike marks its first US entry with the debut in Washington D.C.
China’s Mobike dockless bicycles are now seen on the street of Washington D.C., as the company debuts its entry to North America.
The United States is Mobike’s first destination in North America and its seventh overseas market, following Britain, Italy, Japan, Singapore, Thailand, and Malaysia. It is also determined to cultivate bike-sharing culture by working with cities across the globe.
Before entering the United States, Mobike partnered with U.S. telecom giant AT&T, and Qualcomm to better serve local riders.
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Alibaba establishes live entertainment business group
Alibaba announced the founding of its live entertainment business group to step up in ticketing, content creation, and live experience.
These roles will be managed by Damai, MaiLive, and Maizuo respectively. Damai is one of China’s largest event ticketing platform and is fully owned by Alibaba.
Following Tencent, braving into the entertainment industry is said to be Alibaba’s plan to go beyond ecommerce. Tencent’s music affiliate claims over 75% of China’s online music streaming market.
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Original content by ecommerceIQ
