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Alibaba Spreads Wings In U.S. Market; Opens B2C Ecommerce Site

February 11, 2014: 12:00 AM EST
China’s leading ecommerce company Alibaba said it will launch its business-to-consumer site, 11 Main, in the United States. Set to launch its initial public offering in the U.S. that could put its value at more than $100 billion, according to market analysts, Alibaba said its subsidiaries Vendio and Auctiva will launch the online store to sell quality products from “handpicked shop owners.” Alibaba-owned online stores account for 80 percent of ecommerce in China, with revenues rising more than 50 percent to $1.7 billion in the last quarter. Slowdown in sales growth, however, prompted the company to search for new sources of revenue growth, which led it to expand its business in the U.S.
Charles Clover, "Alibaba to launch US ecommerce site", The Financial Times , February 11, 2014, © The Financial Times Limited
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