Friday, August 23, 2013

Alibaba invests in U.S. e-commerce company

News this week: China’s largest e-commerce company, Alibaba Group, has acquired a minority stake in U.S.-based online shopping company ShopRunner for US$75 million.

ShopRunner is run by Yahoo’s former chief executive Scott Thompson. Alibaba executive vice chairman Joe Tsai will reportedly join ShopRunner’s board of directors as part of the deal. ShopRunner is headquartered in San Mateo, California and offers goods from approximately 80 retailers.

ShopRunner is reportedly Alibaba’s second investment in a U.S. e-commerce company this year following an investment in Fanatics Inc., a sports apparel retailer now valued at an estimated US$3.1 billion.

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