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May 11, 2015

Alibaba increases stake in US online retailer Zulily

The Chinese firm is looking to expand its operations in the US.

By CBR Staff Writer

Chinese e-commerce firm Alibaba Group has acquired more than a 9% stake in US online retailer Zulily, as it looks to increase its presence in the country.

The company invested about $56m to purchase stock in Zulily, which sells clothing and other merchandise to mostly those with children.

Alibaba, which already holds Zulily shares, has bought more shares in the last few days.

Zulily CEO Darrell Cavens said: "We have great respect for the team at Alibaba and all that they have built. We are honored to welcome them as shareholders of our company."

Alibaba international corporate affairs vice president Jennifer Kuperman said: "Alibaba continues to focus on making investments in forward-thinking, innovative entrepreneurs that are developing leading products and technologies,"

"The Zulily team has a compelling vision for the future that is consistent with our investment philosophy."

Alibaba, which has a limited presence in the US, launched the world’s largest initial public offering ever in 2014, raising $25bn on the New York Stock Exchange.

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In early 2014, the Chinese firm invested $15m in New York-based luxury e-commerce site, 1stdibs. It also has its own US shopping website, 11 Main.

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