By Danielle Long

Alibaba has acquired Chinese delivery app Ele.me in a bid to further bolster the brand’s ‘new retail’ strategy.

The deal sees Alibaba assume full ownership of the app, acquiring all outstanding shares in the start-up local delivery company. Alibaba previously held 43% of shares in Ele.me.

The deal, which values Ele.me at $9.5bn, will enhance Alibaba’s New Retail strategy by providing local delivery services from Ele.me’s huge national network of delivery drivers.

Alibaba also plans to expand Ele.me’s services beyond food to incorporate other products and services, in a bid to give the company a bigger slice of China’s Read full story ›

Source: The Drum