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Alibaba It projects strong sales of US products in the online market during Singles Day, despite the commercial war and the slowdown in the Chinese economy.
His president, Michael Evans, said he was not "too worried" about the possibility that the fight would affect sales during the event which began on Sunday. "11/11 is not an event that relies exclusively on one market," Evans told Bloomberg TV in an interview on Friday. "We will work with more than 200 countries and regions as part of this big event, so we don't expect any area to have a big influence, apart from China, of course."
Regarding the Chinese economy, Evans said there was "some uncertainty about what will happen in the future," and recalled that growth in the country was still around 6.5% per year.
Alibaba There is less demand for expensive items such as washing machines, televisions and cars, Evans said. But other sectors such as cosmetics, food, fashion and clothing remain strong. The company focuses on 300 million Chinese people who are expected to enter the ranks of the middle class in the next five years, he said.
The Hangzhou company is advertised as a tool for global brands to reach Chinese consumers, with more than 10,000 American brands, including Nike and Starbucks, which sell products on their Tmall Global site. The founder of billionaire Jack Ma has become a traitor of tariffs applied to hundreds of thousands of dollars in American and Chinese goods and called the trade war "the most stupid in the world." The revenge tax set by the Asian giant affects products such as food and wine, which are popular items on the Alibaba platform.
Alibaba has ruled out its promise to create one million jobs in the North American country, but hasn't "abandoned our initiative that is trying to create jobs in USA for small businesses, "Evans said." It is a little more difficult if the tension between the two governments continues, because we do not want to be trapped in geopolitical discussions. "
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