Alibaba taps luxury segment with $2b purchase of Netease's e-commerce arm Kaola

Alibaba taps luxury segment with $2b purchase of Netease's e-commerce arm Kaola

FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/File Photo

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

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