News Column

Alibaba launches US retailer ahead of IPO

June 12, 2014

SUPRIYA KURANE



CHINESE e-commerce company Alibaba Group unveiled its first direct-to-consumer online shop in the United States yesterday, looking to take on Amazon and eBay on their home turf.


The website, 11main.com, which is currently in beta, will feature a wide range of products, including "one-of-a-kind items, not available at mass merchants and other large e-commerce sites", Alibaba said.


The website displayed an "opening soon" message early yesterday. "Our shop owners are currently unpacking and getting settled," the site said.


The announcement comes as Alibaba prepares for a US initial public offering that is expected to raise more than $15bn (8.9bn) - the most since Facebook's IPO in 2012. The company, founded by Jack Ma, controls 80 per cent of all online retail in China.


Reuters


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Source: City A.M. (UK)


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