Chinese e-commerce company Alibaba Group Holding Ltd is investing more than $100 million in Mei.com, a "flash sales" platform for luxury and fashion goods, according to a source with knowledge of the deal.
Alibaba had said earlier on Wednesday it would form a team within its Tmall business-to-consumer platform to help Mei.com expand its user base, product offerings, logistics and IT infrastructure, but did not disclose the size of its investment.
"Alibaba will help Mei.com and other brand partners enter our ecosystem to allow more efficiency in helping them locate consumer groups, conduct brand marketing and establish an online supply chain system," Alibaba CEO Daniel Zhang said.
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