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But He said he welcomes foreign rivals such as the likes of Tesla Inc to enter China and seize growth opportunities together.

But she said the release Tuesday of an all-electric GMC Hummer shows that Tesla is facing competition from multiple auto companies.

But since the late 1990s, Penney struggled with weak sales and heavier competition from discounters and specialty chains that were squeezing its business from both ends. Penney's began flirting with bankruptcy nearly a decade ago when a disastrous reinvention plan spearheaded by then CEO Ron Johnson caused sales to go into free fall. Johnson drastically cut promotions and brought in hip brands that turned off loyal shoppers. As a result, sales dropped from . 3 billion during the fiscal year that ended in early 2012 to billion a year later. Many longtime customers walked away and have not returned. Johnson was fired in April 2013 after just 17 months on the job.

But I could also see a?day where Amazon?is no longer?so far ahead of everyone else. And, if it’s not a physical retailer that comes close to replicating the online experience,?it could be a Chinese e-rival, like Alibaba, which is now flush with billion in cash from its blockbuster IPO.

But demand for denim has improved recently, according to Bloomberg Intelligence analyst Chen Grazutis. The denim market "is better than a couple of years ago," he said. "It's steady, with low-single digit growth."