Alibaba will enter France, Italy and Germany by the end of 2015, President Michael Evans said at Alibaba’s headquarters in Hangzhou, China on 13th of October, 2015, bloomberg reports. With a slowing domestic economy, Alibaba is stepping up its global ambitions to turn around investor sentiment battered by a USD 117 billion slide in market value.
Tthe company is looking to lure global merchants to sell to the country’s rising middle class. “China should shift from exporting to importing,” Chairman Jack Ma said in Hangzhou, the source cites. To meet rising demand for quality goods, the company is bringing in more international brands, including L’Oreal and Apple. In August, 2015 it reached an agreement to bring the Macy’s Inc. online store to China. Location-based services will be another focus of expansion in 2015.
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