Alibaba reportedly enters e-commerce deal in Russia
A new partnership will give Alibaba a foothold in Russia.
The Chinese e-commerce giant entered a deal with the sovereign wealth fund of Russia, the Russian Direct Investment Fund (RDIF), mobile operator MegaFon, and Internet group mail.ru. The partnership will enable the companies to establish a one-stop destination for consumers to communicate, socialize, shop and play games, according to CNBC.
Alibaba will contribute its local e-commerce arm, AliExpress Russia to the partnership — a move that could expose the company to a larger audience in Russia. It also said it would look at investing money into the venture, the report revealed.
According to CNBC, Alibaba will also cede control of its Russian business to form the partnership. The e-retailer will own 48% of AliExpress Russia with the Russian entities taking 52%. The agreement, expected to be formalized in the first quarter of 2019, will use Russia's payments system known as Mir.
To read more, click here.
The Chinese e-commerce giant entered a deal with the sovereign wealth fund of Russia, the Russian Direct Investment Fund (RDIF), mobile operator MegaFon, and Internet group mail.ru. The partnership will enable the companies to establish a one-stop destination for consumers to communicate, socialize, shop and play games, according to CNBC.
Alibaba will contribute its local e-commerce arm, AliExpress Russia to the partnership — a move that could expose the company to a larger audience in Russia. It also said it would look at investing money into the venture, the report revealed.
According to CNBC, Alibaba will also cede control of its Russian business to form the partnership. The e-retailer will own 48% of AliExpress Russia with the Russian entities taking 52%. The agreement, expected to be formalized in the first quarter of 2019, will use Russia's payments system known as Mir.
To read more, click here.