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Alibaba Buys Stake In Luxury Online Store Mei.com

July 8, 2015: 12:00 AM EST
Alibaba Group Holding invested more than $100 million in Shanghai-based luxury online shopping company Mei.com. Part of Alibaba's efforts to expand its luxury business, the move will see Mei.com complementing the Chinese e-commerce giant's current selection of affordable luxury products for local consumers. Also, the move supports Alibaba's efforts to expand the luxury offerings of its online store Tmall.com.
Juro Osawa, "Alibaba invests $100 mln in luxury-focused Mei.com", Market Watch, July 08, 2015, © MarketWatch, Inc.
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