Chinese giant Alibaba announced on Monday that it will invest €50 billion in artificial intelligence (AI) and cloud computing, just days after a high-profile meeting between its founder Jack Ma and President Xi Jinping.
A passerby takes a selfie in front of the Alibaba logo in Shanghai’s Xuhui district, 22 February 2025. – HECTOR RETAMAL / AFP
Based in Hangzhou, eastern China, Alibaba owns some of the country’s most popular e-commerce platforms, notably Taobao, and ranks among China’s tech giants.
Investors have flocked to Chinese technology stocks since early 2025. Alibaba’s share price recently surged to a three-year high.
The company further boosted investor confidence last week by reporting strong quarterly sales growth, highlighting the sector’s recovery after years of downturn.
Alibaba announced plans to invest “at least 380 billion yuan (€50 billion)” over the next three years to enhance its cloud computing and AI infrastructure. The strategy underscores the company’s commitment to long-term innovation and AI-driven growth.
Alibaba did not specify how it will divide the €50 billion investment between cloud computing and artificial intelligence.
Record investment
Alibaba stated that this investment will surpass its total spending on AI and cloud computing over the past decade.
The announcement follows last week’s rare meeting involving Alibaba co-founder Jack Ma, Chinese President Xi Jinping, and several prominent figures from the private sector, widely seen as a positive signal for China’s tech industry.
A few days later, Alibaba reported stronger-than-expected quarterly sales growth of 8%, reaching 280 billion yuan (€36.8 billion) in the third quarter of its fiscal year.
Alibaba CEO Eddie Wu praised these results as evidence of “significant progress” in the group’s “user-first, AI-driven strategy, ” highlighting renewed growth in the company’s core businesses.
Chinese authorities introduced strict regulations in 2020, targeting the previously loosely regulated technology sector. This significantly disrupted many tech companies, including Alibaba.
DeepSeek
But these tech giants have recently shown signs of recovery, boosted by investor optimism over Chinese advances in artificial intelligence—especially following the success of startup DeepSeek’s conversational AI.
This resurgence occurs as China urgently seeks to revive sluggish domestic consumption following the pandemic, further complicated by a property crisis, high youth unemployment, and household uncertainty about the future.
In his meeting with private-sector leaders last week, President Xi Jinping described current economic difficulties as “surmountable,” signaling support for technology giants, which play a key role in driving consumption.
Alibaba co-founder Jack Ma, who stepped down as company head but reportedly retains a significant stake, also attended the meeting.
His presence was seen as a sign of rehabilitation for the charismatic entrepreneur, who had maintained a low profile since openly criticizing financial regulators in 2020.
Lewis Hamilton may be one of the world’s top sportsmen but he’s not one we’d normally associate with a previously-yoga-focused brand. However, that could soon change as Lululemon on Monday named him its newest ambassador.
The company said the brand “will power the seven-time Formula 1 World Champion’s training, recovery and lifestyle needs with its best-in-class product, while collaborating on future design innovation and global advocacy work”.
Nikki Neuburger, Lululemon chief brand & product activation officer, said: “Lewis is a game-changer in every sense of the word. His relentless commitment to performance, well being and impact align completely with what we stand for.”
And Hamilton said he’s “excited to partner with a brand that embraces a holistic approach to wellness. Together we want to inspire our communities to be the best versions of themselves”.
Lululemon also said he’ll collaborate with its Research & Innovation, Design, and Development teams on future products and work with its Centre for Social Impact in collaboration with his global foundation, Mission 44, “to empower the next generation and build a fairer, more inclusive future”.
Importantly too, he’ll be featured in Lululemon’s ‘No Holding Back’ campaign, “highlighting the dedication behind elite training and showcasing the brand’s latest men’s apparel, including the Metal Vent Tech franchise”.
He joins an already extensive roster of ambassadors, including PGA golfers Min Woo Lee and Max Homa; ATP tennis pro Frances Tiafoe and WTA tennis pro Leylah Fernandez; NFL Wide Receiver DK Metcalf; NBA player Jordan Clarkson; and NHL player Connor Bedard.
French label A.P.C. has opened its first store in the Middle East inside the high-end Solitaire shopping mall in Riyadh, which was recently inaugurated in the capital of Saudi Arabia. The A.P.C. store is located on the first of the mall’s three floors, near stores by Corneliani, Liu Jo, Hanro and Eleventy.
The A.P.C. store extends over more than 100 square metres, and showcases the French label’s womenswear, menswear and accessories collections, in a refined environment designed by architecture studio Laurent Deroo Architecte. The opening is the first step in A.P.C.’s collaboration in the Middle East with local retail group Beside.
Beside was founded in 1991 and is active in nine countries, operating some 160 stores for various Western brands. Last December, Beside opened a Longchamp store at the Dubai Mall, and is also the local partner for labels such as Diesel, Fred Perry, Pinko and Scotch & Soda. The group is led by Hisham Bedier and is part of Saudi conglomerate Taj Holding, founded in 2008 by Omar Abdulaziz Henaidy, currently its president.
The agreement with A.P.C. is set to lead to store openings in the Gulf Cooperation Council region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) as well as in Egypt. Another opening is planned in Abu Dhabi in 2025, and a third A.P.C. store is expected to be confirmed in 2026.
A.P.C., led since last autumn by CEO Pierre-Arnaud Grenade, operates nearly 80 stores worldwide, and in 2023 it recorded revenue exceeding €100 million.
Source Fashion wrapped up last week with the “leading responsible sourcing show” citing a 32% increase in visitor numbers, although it didn’t give actual numbers.
In its third year, the event is a platform for retailers, brands, and wholesalers seeking ethical and responsible manufacturing partners from around the world.
But it was about more than fashion with visitors also coming from sports teams, major brands, and businesses such as the NBA, West Ham Football Club and Pepsi — all of them tracking down sustainable clothing.
Laura Taylor, ESG manager at Boohoo, summed it up saying: “Source is a great event to meet suppliers from new regions, watch engaging talks from a variety of fashion experts and network with passionate individuals who are providing innovative products to our industry.”
The event featured 200 exhibitors from over 20 key sourcing regions, including Turkey, Taiwan, Ethiopia, Egypt, China, India, the UK, France, Hong Kong, and Portugal.
And there was plenty of upbeat talk with exhibitors from both the UK and abroad writing orders.
Parneet Kaur of India’s Achiever Apparel from India said the show was strong for the firm and it picked up some new customers there.
And Ayu Siti Maryam from the Embassy of the Republic of Indonesia said that “the event has been great for us, Source Fashion as an event aligns with our objectives to support our manufacturing industry. We have bought with us the right companies and they’re happy because they’ve had great business opportunities and valuable contacts to follow up on.”
Entertainment8 years ago