Alibaba Invests in Amazon Rival ShopRunner - Information portal

Alibaba Invests in Amazon Rival ShopRunner

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15.10.2013 Количество просмотров 540 views
alibabaAlibaba Group, 24 percent of which Yahoo still owns, made a sizable investment in ShopRunner Inc., a rival to, according to reports.

It's unclear how much China-based e-commerce giant Alibaba put in, but the total investment for ShopRunner was $206 million, The Wall Street Journal reported.

The deal values ShopRunner  a 3-year-old startup with offices in San Mateo, Calif., backed by eBay and run by former Yahoo CEO Scott Thompson  at $600 million. As part of the deal, eBay sold its 30 percent holding in ShopRunner for a profit, Reuters reported.

Of the deal, Joe Tsai, Alibaba's executive vice chairman and co-founder, said, "The U.S. market in the long run is very interesting to us. Coming into this market is about learning about American consumers and how the market operates."

Alibaba is gearing up for an initial public offering that could list on the New York Stock Exchange after the company decided against listing on the Hong Kong exchange.

ShopRunner, meanwhile, was founded in 2010 and offers free two-day shipping of goods by brands ranging from Calvin Klein to GNC.
Source:  Business Journals

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