×
48 127
Fashion Jobs
NEIMAN MARCUS
Marketing Manager, Esg / ps
Permanent · Dallas
NEIMAN MARCUS
Loss Prevention Investigator
Permanent · Dallas
NEIMAN MARCUS
sr Manager Group Sales - Las Vegas
Permanent · Las Vegas
NEIMAN MARCUS
Supply Chain Project Analyst
Permanent · Irving
NEIMAN MARCUS
Sales Support Manager - Las Vegas
Permanent · Las Vegas
NEIMAN MARCUS
Sales Manager, Women's Apparel - Fashion Island
Permanent · Newport Beach
NEIMAN MARCUS
Sales Experience Director - Las Vegas
Permanent · Las Vegas
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Livermore
Permanent · Livermore
BLOOMINGDALE'S
Outlet Keyholder Selling, Full Time: Metro Pointe
Permanent · Costa Mesa
BLOOMINGDALE'S
Business Manager, South Coast Plaza
Permanent · Costa Mesa
MACY'S
Supply Chain Finance Analyst
Permanent · Secaucus
MACY'S
Asset Protection Security Guard, West Dade Miami Int'l - Full Time
Permanent · Miami
MACY'S
Asset Protection Security Guard, la Cumbre Plaza - Part Time
Permanent · Santa Barbara
MACY'S
Asset Protection Security Guard, Center City - Part Time
Permanent · Philadelphia
MACY'S
Asset Protection Detective, Sherman Oaks Fashion Square - Full Time
Permanent · Los Angeles
MACY'S
Manager, Partner Center Operations
Permanent · Deerfield Township
MACY'S
Asset Protection Detective, Southland - Full Time
Permanent · Miami
MACY'S
Asset Protection Detective, Cape Cod - Full Time
Permanent · Barnstable
MACY'S
Advisor, Product Management
Permanent · New York
MACY'S
Asset Protection Investigator
Permanent · Secaucus
MACY'S
Asset Protection Detective, Emerald Square - Full Time
Permanent · North Attleborough
MACY'S
sr Manager, Creative Director
Permanent · New York
By
Reuters
Published
Sep 6, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Alibaba to buy luxury e-commerce business Kaola for $2 billion

By
Reuters
Published
Sep 6, 2019

​Alibaba Group Holding Ltd will buy e-commerce business Kaola from Chinese gaming company NetEase Inc for $2 billion, adding a platform that specializes in supplying luxury goods from abroad to Chinese consumers.


Kaola, launched by NetEase in 2015, aggressively targets shoppers in China, by offering products from brands such as Gucci, Shisheido and Burberry - Reuters


The long-rumored deal comes as China’s e-commerce players including Alibaba and JD.com Inc look to niche segments for growth, with the online shopping industry in the country slowing as economic growth eases.

While Alibaba’s Tmall already allows overseas brands to launch and manage virtual storefronts on its platform, Kaola offers a more curated collection to wealthy clients, primarily purchasing goods directly from suppliers to resell to consumers.

Chinese consumers account for more than a third of the luxury goods sector’s worldwide revenues.

“With Kaola, we will further elevate import service and experience for Chinese consumers through synergies across the Alibaba ecosystem,” Alibaba CEO Daniel Zhang said.

Alibaba, along with private-equity firm Yunfeng - which is backed by the tech giant’s founder Jack Ma, said it will separately invest about $700 million in Netease’s music streaming service, NetEase Cloud Music.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China, by offering products from brands such as Gucci, Shiseido and Burberry.

Kaola has an advantage over larger e-commerce players as it specializes in cross-border shopping, according to Ker Zheng, who tracks China’s online retail sector at consultancy Azoya.

By offering a relatively narrow selection of popular items, it can boost bulk purchases from suppliers and offer low prices.

“Kaola does not have to share user time or basket space with cheaper, non-imported products,” said Zheng, adding that this ensured them a loyal consumer base of wealthy shoppers.

Alibaba plans to let the Kaola app continue to operate independently under its current brand, while Tmall import and export general manager Alvin Liu will become Kaola’s new CEO, the companies said in a statement.

© Thomson Reuters 2021 All rights reserved.