The Alibaba Group, parent company of online platforms such as Alibaba, AliExpress, Tmall and Taobao, plans to invest 100 billion South Korean won (68 million euros) in the Korean online fashion platform Ably.
The investment aims to expand the platform globally, with a focus on the US, Europe and Asia. This is reported by various media outlets, including the Korean newspaper ‘Korean JoongAng Daily’ and the Singapore and Jakarta-based technology news platform ‘Tech in Asia’. This is the first foreign investment in Ably and the first time that Alibaba has invested in a Korean e-commerce platform.
Founded in 2018, the Ably platform focuses primarily on women’s fashion. According to market observer WiseApp, the platform has 8.78 million monthly active users (as of October 2023). At the beginning of 2024, the company achieved annual sales of 1 trillion won. In addition to Ably, the parent company operates other fashion platforms such as 4910 for men’s fashion and Amood for women’s fashion. These platforms are active in Korea and Japan. Alibaba views the investment in Ably as a strategic step for further growth in Europe, the US and other Asian markets.
This investment in Ably, through which the Chinese group acquired a five percent stake, is part of Alibaba Group’s broader strategy for international expansion.
- Alibaba is investing 68 million euros in the Korean fashion platform Ably
- This investment is aimed at Ably’s global expansion, with a focus on the US, Europe and Asia.
- The investment is strategic for Alibaba’s international growth and strengthens Ably’s market position.
The Alibaba Group has not yet responded to a request from FashionUnited.
This article previously appeared on Fashionunited.nl and was created using digital tools translated.
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