Alibaba to Open European Offices
October 13 2015 - 5:50AM
Dow Jones News
BEIJING—Alibaba Group Holding Ltd. will be soon be opening
offices in Italy, France and Germany, a senior executive said
Tuesday, as the Chinese e-commerce giant ramps up international
expansion efforts amid slowing Chinese economic growth.
Alibaba President Michael Evans said the offices, set to be
opened in the coming months, were Alibaba's latest moves to expand
the company's presence in Europe, the U.S., Asia and elsewhere. Mr.
Evans referred to the planned new offices in remarks at an Alibaba
event to promote this year's Singles Day event, a sales festival
that takes place on Nov. 11.
Chief Executive Daniel Zhang said that for this year's discount
festival, Alibaba is promoting the sale of products from other
countries to Chinese consumers as well as that of Chinese products
to overseas buyers, reflecting the company's increasing focus on
looking abroad to expand its user base and range of products.
Singles Day is China's largest online shopping day. Last year,
Alibaba set a record as its marketplaces hosted $9.3 billion in
sales, though the rate of growth was slower than in the previous
year.
Alibaba has been faced with slowing Chinese economic growth and
increasing saturation in its core urban markets, prompting the
company to expand into rural areas and overseas.
Write to Gillian Wong at gillian.wong@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 13, 2015 05:35 ET (09:35 GMT)
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