- Apple Inc AAPL prepares for the debut of its live-shopping event on China’s Tmall marketplace this week to tap over 500 million users in the leading internet market.
- Apple’s official store on Alibaba Group Holding Ltd’s BABA Tmall, which kicks off at 7 pm local time on Wednesday, will include products like iPhone 14 and iWatch, SCMP cites from a teaser.
- Chinese internet platforms regularly sell products through live-streamed videos, from the short video app Douyin to e-commerce firms like JD.Com, Inc JD.
- Interestingly, the iPhone maker timed its debut with China’s annual “618” shopping festival to boost sales in a market where its foothold has been plunging.
- The festival, which now runs for about a month and is the second most crucial e-commerce event in the country after Singles’ Day, is held every November.
- Apple’s Tmall store has slashed the price of an iPhone 14 Pro with 128-gigabyte storage to 6,499 yuan ($917), from the original 7,999 yuan, with the offer available Wednesday night, while its JD.com store is offering the same model for 6,498 yuan, valid until Thursday.
- In a visit to China in late March, Apple CEO Tim Cook met Chinese Premier Li Qiang and other top officials to reaffirm its loyalty to the market.
- Luxury labels like Prada, Louis Vuitton, and Givenchy have also tested the waters with live-streamed shopping events in the country.
- Price Actions: AAPL shares traded higher by 0.97% at $179.02 on the last check Wednesday. BABA shares traded lower by 0.75% at $78.92.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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