Alibaba Group Holding Ltd. has invested more than $100 million in Mei.com, a Shanghai-based online shopping company that focuses on luxury items, in the e-commerce major’s latest effort to tap growing Chinese demand for high-end brands, a person familiar with the matter said. Alibaba had also announced on Wednesday it would form a team within its Tmall online retail platform to help Mei.com expand its product offerings, user base, IT infrastructure and logistics. We hope that Mei.com will exert its advantages to create synergy with Tmall.com in providing more premium luxury goods to consumers.
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Image: Alibaba Group’s corporate campus in China. JP Morgan maintains its rating on Alibaba Group Holding Limited (NYSE:BABA). “In the future, we see a significant opportunity to provide enhanced shopping experiences for Chinese customers in search of affordable fashion and luxury products”.
The Mei.com website specializes in selling limited time discounted products from well-known worldwide luxury and fashion brands to consumers in China. Sales events are launched every day at 9am to promote genuine goods that are offered at significantly reduced prices.
Mei.com has worked with more than 2,400 brands around the world, according to Alibaba.
Sell-side Wall Street analysts are anticipating Alibaba Group Holding Ltd (NYSE:BABA) will post a current quarter earnings per share of $0.44.
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Analysts that cover the stock have a mean consensus price target of $108.45 for Alibaba Group Holding Ltd (NYSE:BABA).This one year figure is the mean estimate coming from the research analysts that recently released reports on stock. It was distributed, unedited and unaltered, by noodls on 2015-07-09 08:03:15 UTC.
