Alibaba Group sells its only online store in the USA

    The 11 Main online store will be sold to the OpenSky online retailer . In exchange, the owner of the Alibaba Group store will receive a 37.6% stake in OpenSky. After the sale, 11 Main will operate under the same brand on the same site.

    The project was launched in June last year. As conceived by Alibaba, it was to become a platform for small manufacturers and trading companies. This was a detuning from competitors such as Amazon and eBay . By April 2015, 2 thousand companies were working on the site and 1.3 million orders were made, reports The Wall Street Journal.

    Alibaba does not attempt to compete with Western retailers on their territory. The company seeks to establish a stable and cost-effective delivery of goods of foreign manufacturers to China.

    Megamind wrote that the Alibaba Group and Ant Financial are investing $ 483 million each in a new Chinese online service. Alibaba Taodiandian and Ant Financial, the existing food delivery business, will be the main components of the new Koubei company. The company will start by delivering food and drinks, and after that it will connect retail, healthcare and vending machines to the business.

    Alibaba Group was founded in 1999 by Jack Ma. The group includes the Taobao retail portalIn which there are more than 6 million online sellers, an online platform for large brands and retailers , as well as an online store AliExpress focused on foreign customers and Alipay payment system . Alibaba holds 80% of the Chinese e-commerce market.

    On May 7, the quarterly statements of the company were published . After that, its shares went up by 7.5%. Alibaba sales increased 45%. Investors were pleased with the results of her work.

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