Alibaba builds up $150 million stake in Zulily
The Chinese online retailer in recent years has also taken stakes in US retail firms ShopRunner and 1stdibs and opened its own US online shop, 11 Main.
The company has taken a roughly 10 percent stake -- worth about $150 million -- in Zulily, a Seattle-based online retailer focused on women's and kids' merchandise, according to a regulatory filing posted Friday. Alibaba disclosed that it already held millions of Zulily shares before this week. It snapped up millions more over the past few days, just after Zulily's stock dropped following a disappointing quarterly report. Zulily's shares are down 43 percent so far this year.
Zulily battles directly against other flash-sale sites, including Rue La La, One Kings Lane and Gilt, but it also sees its competition including Alibaba. Zulily's market value is about $1.5 billion, while Alibaba's is just under $214 billion.iPhone Android Application Design and Development in Kuwait
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