China’s biggest ecommerce operator Alibaba Group is entering the European market and plotting further expansion in the US.
President Michael Evans said the group will open offices in France, Italy and Germany within the next few months, according to Bloomberg.
The company is looking to expand internationally in response to a slump in its share price caused by the slowing of China’s economy. Alibaba’s market value has fallen by $117bn (£76bn) since November last year.
“Alibaba will become the global infrastructure in the future,” the news service reported.
Former Goldman Sachs executive Evans joined Alibaba in August to drive the group’s international expansion strategy, initially by focusing on partnerships with brands and retailers in Europe, the Americas and Asia to sell in China.