(MENAFN) China's e-commerce giant Alibaba Group is stepping up acquisitions of overseas firms to expand its presence in the global marker after securing dominance at its home, Xinhua reported.
The tech firm has acquired a large stake in US online retailer Zulily for USD56 million, allowing it to set its first step in the Pacific. It's eager to expand its overseas business network further.
The company posted revenues of USD2.85 billion, up 45 percent on-year. However, its revenue from overseas markets accounted for less than 9 percent of the total, dwarfed by the 80 percent of the domestic market.
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