Alibaba Group revenue up 28%, will bring Macy’s to ChinaStaff writer ▼ | August 12, 2015
Alibaba Group Holding announced its financial results for the quarter ended June 30, 2015. Revenue was $3,265 million, an increase of 28% year-over-year.
Alibaba Group Holding The first U.S. department store to join Tmall Global
Macy’s will be the first U.S. department store to join Alibaba’s Tmall Global.
Revenue was RMB20,245 million ($3,265 million), an increase of 28% year-over-year. Excluding the effect of the suspended online lottery business and the SME loan business we transferred to Ant Financial, revenue would have increased by 36% year-over-year.
Mobile GMV reached RMB371 billion ($60 billion), an increase of 125% year-over-year, and accounted for 55% of total GMV transacted on our China retail marketplaces; mobile revenue was RMB7,987 million ($1,288 million), exceeding 50% of our total China commerce retail revenue for the first time.
Growth of company's cloud computing and Internet infrastructure business accelerated, with revenue increasing 106% year-over-year to RMB485 million ($78 million). Non-GAAP free cash flow was RMB9,548 million ($1,540 million).
Alibaba Group announced an exclusive agreement with Macy’s China Limited, a joint venture between Macy’s and Hong Kong-based Fung Retailing Limited, a retailer in Greater China.
Under the agreement, Macy’s China Limited will launch an exclusive online flagship store on Tmall Global providing a wide selection of authentic, high-quality Macy’s merchandise to shoppers in China.
This is a major milestone as Macy’s, through the joint venture, will be the first U.S. department store to join Alibaba’s Tmall Global. ■