Group-buying businesses have shunned top-tier cities so far.
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Chinese consumers are expected to account for 50% of the global luxury market by 2025. Second-hand luxury platforms have also sprung up in China to gain a slice of the market.
Alibaba and its affiliate Ant Group are now in the crosshairs of China’s antitrust initiative targeting tech giants. But media are reading the trustbusting, faithfully, wrong.