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Bloomberg

Alibaba Group has bought a 9 per cent stake in US online retailer Zulily, extending its e-commerce reach.
The group said in a regulatory filing that it had spent US$56.2 million to buy shares in the Seattle-based e-tailer of clothing and household items.
Alibaba has announced at least US$2.4 billion in investments in the past 12 months including a Chinese soccer team, a smartphone maker and a mobile application for hailing taxis.
The company is trying to diversify while still tapping the more than 557 million Chinese who access the Internet from their smartphones and tablets.
Alibaba operates China's most popular online shopping platform, Taobao, which is estimated to hold more than 90 percent of the country's online market for consumer-to-consumer transactions.
Taobao has faced criticism that counterfeit goods are sold through the site, and in January Alibaba got into a row with China's top industry policy and regulatory body, which said it had evidence of fake products.
Alibaba made its debut on Wall Street in September last year, raising US$25.02 billion and breaking the record for the largest initial public offering in history.
Alibaba's shares were up 1.23 per cent to close at US$87.06 on Friday.
Alibaba has made a string of small investments looking to learn more about the American market, The Wall  Street Journal reported.
Last year, it invested US$15 million in New York-based luxury e-commerce site 1stdibs and launched its own US shopping website, 11 Main.
In 2013, it led a US$206 million investment in ShopRunner, which offers two-day shipping from US retailers.
Zulily went public in November 2013 at US$22 a share.
Within months, the price had soared to about US$70, but then fell quickly back down again as growth slowed. Zulily's shares closed at US$13.30 on Friday, down 43 per cent so far this year.
Alibaba announced a 45 per cent increase in revenue, according to a separate regulatory filing on May 7.
The company also said Daniel Zhang will become its chief executive officer May 10, replacing Jonathan Lu, who will remain on the board as vice chairman.
Reuters reported last week that Alibaba is in talks with India's Micromax Informatics to buy an about 20 per cent stake in the smartphone maker.
Such a deal would help the Chinese firm expand in one of the world's fastest growing markets for the device.
Bloomberg, Agence France Presse


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Alibaba buys US$56 million stake in US online retailer Zulily

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Internet giant expands reach with US$56m stake in Zulily as it builds presence in the US market


Internet giant expands reach with US$56m stake in Zulily as it builds presence in the US market.


Alibaba buys US$56 million stake in US online retailer Zulily

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Internet giant expands reach with US$56m stake in Zulily as it builds presence in the US market

Internet giant expands reach with US$56m stake in Zulily as it builds presence in the US market