22:34 GMT +323 September 2018
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    Chinese Alibaba Boosting Investment in US Market

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    The conglomerate has purchased a major stake in the US online retailer Zulily. Alibaba has actively invested in US e-commerce companies, including luxury shopping website 1stdibs and ShopRunner, a shipping service provider for retailers.

    China’s e-commerce giant Alibaba Group is expanding its acquisitions of overseas companies in a bid to increase its share in the global market.

    The conglomerate has purchased a major stake in the US online retailer Zulily for $56 million. The move would allow the company to bolster its positions across the Pacific.

    Alibaba has actively invested in US e-commerce companies, including luxury shopping website 1stdibs and ShopRunner, a shipping service provider for retailers.

    The company has also reached an agreement with Costco, the US’ second-largest retailer, to help it sell products in the Chinese market.

    After the company has secured its dominating position in China, it plans to stretch its business network to foreign markets.

    In the financial reports for the first quarter of 2015, Alibaba posted revenues of $2.85 billion, 45 percent higher from the previous year. Nevertheless, its revenue from overseas markets accounted for less than 9 percent of the total.

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