Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming co...
SHANGHAI - Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.
The long-rumored Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba’s flexibility in adopting new strategies. “Kaola does not have to share user time or basket space with cheaper, non-imported products,” said Zheng.
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