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China's Alibaba sells US subsidiary to OpenSky
(MENAFN) China's e-commerce giant Alibaba said it is selling its US shopping subsidiary 11 Main a year after it was launched, having reportedly failed to gain traction in the market, AFP reported.
The site will be sold to US firm OpenSky, Alibaba said, without disclosing terms of the deal, adding that it would retain a minority stake in the entity, which could carry 50,000 brands.
Reports said that Alibaba would sell to OpenSky three support and logistic subsidiaries for 11 Main, which are Auctiva, Vendio and SingleFeed, but the stake size or reason for the sale remain undisclosed.
"We wish to have 40 percent business in overseas market, so far our overseas business only accounts for two percent," Alibaba's founder and executive said in New York.
The site will be sold to US firm OpenSky, Alibaba said, without disclosing terms of the deal, adding that it would retain a minority stake in the entity, which could carry 50,000 brands.
Reports said that Alibaba would sell to OpenSky three support and logistic subsidiaries for 11 Main, which are Auctiva, Vendio and SingleFeed, but the stake size or reason for the sale remain undisclosed.
"We wish to have 40 percent business in overseas market, so far our overseas business only accounts for two percent," Alibaba's founder and executive said in New York.
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