The European Council agreed on November 30th to ban geo-blocking, a practice that discriminates against consumers in one country from making cross-border purchases. The European Commission said that a study of 1,400 retailers and digital content providers shows that geo-blocking of consumer goods and digital content is common. 38% of the respondent consumer goods retailers geo-block consumers located in other EU countries while 68% of the respondent digital content providers prevent consumers from some EU countries from accessing the digital content they supply. //I reported this plan back in June. Good to see more specific measures.
[Middle East] Dubai’s Alabbar Expands Online Foray With Yoox Net-a-Porter Deal
Dubai-based business-tycoon Mohamed Alabbar formed a 130 million euro ($138 million) joint venture with Milan-based online retailer Yoox Net-a-Porter to profit from luxury spending in the Middle East. The Italian retailer may start selling products into the Middle East in the next 12 months. Last month, I reported that Mohamed Alabbar’s company and Saudi Arabia’s sovereign wealth fund would each invest $500 million to an ecommerce firm, Noon.
RELATED: Yoox Net-A-Porter agrees online luxury retail business JV in MidEast
Yoox Net-A-Porter Group (YNAP) had signed a joint venture agreement with Dubai-based billionaire Mohamed Alabbar to create an online luxury retail business in the Middle East. YNAP will hold 60% of the joint venture while Alabbar’s company will hold the rest 40%.
RELATED: Alabbar, Amazon help UAE e-commerce gain traction
Souq.com, which has 78% of all ecommerce traffic in the MENA region, is in line to get a major new investor. The company has hired Goldman Sachs to sell 30% of its stake. Last month, Amazon’s M&A team toured Souq.com’s local warehouse and fulfillment center.
[China] Tmall flagship store for Cosmax
South Korea’s largest cosmetics developer/manufacturer Cosmax launched a flagship store on Tmall.com. Tmall now has 69.8% market share in the online cosmetics market. Cosmax will be the first company to sell various Korean cosmetics brands on Tmall.com. The announcement was made on October 4th, 2016. //美丽猫秘天猫旗舰店
[U.S.] Cyber Monday set a U.S. e-commerce record with $3.45 billion in sales
American online shoppers spent about $3.45 billion on Cyber Monday, setting a record for the largest day in U.S. e-commerce history, according to Adobe. The record marks a 12% increase from the same day last year. Smartphones account for one fifty of the total sales.
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