Alibaba Capital Partners

Speaking at Tmall’s annual TopTalk merchant summit, Liu pointed to a strong 2025 as the foundation for this year’s push. The number of brands generating more than RMB100 million in annual sales grew 15% year-over-year, while more than 13,000 brands with sales above RMB10 million achieved double-digit GMV growth. Tmall’s 88VIP membership program expanded to nearly 60 million members, and new products launched exclusively on Tmall drove RMB120 billion in sales.

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