Chinese ecommerce company Alibaba will now be led by former Goldman Sachs vice chairman in order to expand business to a global scale and encourage major brands to deal in China’s substantial consumer market.
Chinese ecommerce company Alibaba will now be led by former Goldman Sachs vice chairman in order to expand business to a global scale and encourage major brands to deal in China’s substantial consumer market.
CNBC reports that the promotion of Michael Evans from independent director will help the ecommerce business sell to and build partnerships with retailers in Europe, America and Asia. Evans will report to CEO Daniel Zhang who believes that the internationalisation of the company will be beneficial.
“Globalisation is Alibaba Group’s most important strategy for the coming decades, and our goal is to help 10 million global businesses and serve 2 billion consumers around the world. We have been laying the foundation for many years and now we need a global team in place with best-in-class talent to bring our vision to fruition,” said Zhang according to CNBC.
Domestic customers want to deal with goods from international brands more and more which has resulted in growing competition in the Chinese market as cross-border commerce becomes increasingly popular.
According to CNBC, news of the expansion has been received mixed responses and it had to sell its online shopping website 11 Main which highlights that this market is difficult to excel in because of Amazon and eBay.
At Goldman Sachs, Evans was vice chairman, as well as the chairman for Asia.