Alibaba has increased its investment in logistics company Cainiao as it continues to ramp up its ‘New Retail’ strategy globally.
The e-commerce giant has invested RMB5.3 billion (US$807 million) to increase its ownership from 47% to 51%, giving it a majority stake and increasing its board representation to four out of seven seats.
The move is part of Alibaba’s mission to create a global logistics network that can fulfil orders in China within 24 hours and within 72 hours anywhere in the world.
In a bid to achieve this, Alibaba plans to invest RMB100 billion (US$15.2 billion) over the next five years to Read full story ›
Source: The Drum
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