Pursuits
Zulily Climbs After Alibaba Raises Stake in Online Retailer
Alibaba Boosts Zulily With $56.2M Stake Purchase
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Shares of Zulily Inc. rose after Chinese e-commerce company Alibaba Group Holding Ltd. increased its stake in the U.S. online retailer.
Alibaba bought $56.2 million of stock, according to a regulatory filing. That brought the Chinese company’s stake to 11.5 million shares, or 9.3 percent, according to filings and data compiled by Bloomberg. Alibaba Chairman Jack Ma has set a goal of getting 50 percent of sales from outside China as the nation’s economy is projected to grow at its slowest pace since 1990.