🌍 Strategic Expansion for Alibaba
Alibaba Group invested $73.5M (100B won) in Korean fashion platform Ably. This marks Alibaba's first foray into a Korean e-commerce platform. The move aligns with its broader strategy to grow internationally, especially in Europe, Asia, and the US.
👗 Ably’s Growing Fashion Empire
Ably, founded in 2018, focuses on women’s fashion and operates additional platforms like 4910 for men and Amood for women. With 8.8M active users in October 2023 and $752M annual revenue, Ably is a fast-growing player in Korean e-commerce.
💡 Alibaba’s Infrastructure Advantage
Alibaba plans to leverage its extensive network to help Ably enter new markets, particularly Europe. This strategic investment gives Alibaba a 5% stake in Ably, enabling the platform to integrate into its ecosystem and connect Korean fashion to global consumers.
🏁 Competing in the E-commerce Race
Alibaba’s move comes amid competition with Pinduoduo and ByteDance, which have been expanding globally. Its subsidiaries like Tmall and AliExpress already dominate e-commerce. The Ably investment reflects Alibaba’s commitment to innovation and global reach.
Is Korean fashion ready to conquer Europe?
