Having well and truly cracked its domestic market in China, ecommerce giant Alibaba is setting its sights on the rest of the world.
It is slowly growing its teams in Europe – there are now 60 people based at its office in central London – and is trying hard to turn its Singles’ Day shopping event into a global phenomenon. In 2018, the shopping day on 11 November generated a colossal $30.8bn (£23.9bn) of revenue for Alibaba.
In October, Alibaba and Yoox Net-a-Porter Group announced a partnership that will make the latter a “significant and sustainable online player” in the Chinese market.
Ma will retire in a year, to be replaced by CEO Daniel Zhang. He leaves behind him a company that is at the forefront of retail innovation, from live-streamed Sales to shopping in virtual reality.