Chinese etail giant Alibaba, which has been valued at over $100 billion, is planning to launch a US ecommerce venture.
The new site - to be called 11Main.com - will be launched via two of Alibaba's subsidiary ecommerce operations Vendio and Auctive. It will be an online shopping platform that sells 'interesting quality products from 'handpicked shop owners', Alibaba Group Holding told Reuters.
It is understood that 11 Main is being backed by Alibaba but it is not in direct control and it has insisted this is not a launch by the main business into the US.
Alibaba is expected to launch an IPO as soon as this year that would likely give it a US listing. Its sites control 80 per cent of China's ecommerce market - Tmall and Taobao are estimated to account for about 5 per cent of the total retail market in China.
But growth last year showed signs of slowing and it is seeking new ways to grow revenue both in an outside the country. This week Alibaba also made a bid to for mapping firm AutoNav valuing the firm at $1.6 billion.
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