May 19, 2020 to move into US market this year, Bloomberg reports

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Pouyan Broukhim
2 min to move into US market this year, Bloomberg reports

According to Bloomberg, China’s is planning on breaking ground in the US this year in an attempt to challenge the global ecommerce dominance of both domestic rival Alibaba and US firm Amazon.

In order to finance the move, Bloomberg reports that the company is looking to sell a 15% stake in its logistics business, with Tencent Holdings reportedly interested in an early funding round.

See also: is apparently looking to raise $2bn in the offering, with Tecent Holdings looking to acquire around one third of the share on offer according to founder Richard Liu.

The Chinese ecommerce firm will have a lot of work to do if it is to compete with the likes of Alibaba and Amazon in the US, with both firms having invested significant amounts of money in order to bolster their positions of late.

Most recently, Amazon has put significant emphasis on reducing its delivery last mile to ensure it is able to deliver goods and service faster than any other company, whilst also having moved into the grocery market through its acquisition of Whole Foods last year.

Further, Alibaba is reportedly in talks with US grocery giant Kroger in a potential partnership this week, whilst also having cooperated with Ford Motor Company in recent times.

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