Chinese retail giant Alibaba Group Holding Ltd (NYSE:BABA)) has overtaken its American rival Wal-mart Stores, Inc. (NYSE:WMT) as the largest retailer in the world by gross volume. This latest development in the retail world was announced by Alibaba in a filing with the with the Securities & Exchange commission on 05/04/2016. Alibaba still hasn’t announced its financial performance data for the last quarter of the fiscal year, but this latest announcement means that they have beaten Walmart’s performance (around $480 billion.)
Alibaba recently lost their senior vice president for international corporate affairs, Jim Wilkinson, after he left to start his own firm. Jennifer Kuperman will replace him. At around 02:50 EST, Tech Crunch reported that Alibaba had completed its acquisition of South China Morning Post. Alibaba announced that they were looking to buy the South China Morning Post in December 2015.
Alibaba was founded in 1999, and they have grown exponentially since then (the firm now provides around 15 million jobs & its online trading volume accounts for 10% of the total retail volume in China. China is still a rapidly growing economy, despite its recent economic slowdown. Under CEO Jack Ma’s leadership, Alibaba has entered many news markets, via acquisitions & internal growth.
A share is Alibaba is valued at $77.29 (down by 2.26%) from the previous day’s trading. The New York Stock Exchange will be opening imminently for trading today.
Alibaba is already active in this sector, as they have previously invested money in microblogging site Weibo. On top of this, they are attempting to acquire a video site called Youku Tudou, which is very popular in China. Analysts have compared Alibaba’s acquisition of South China Morning Post to Amazon (NASDAQ: AMZN) CEO Jeff Bezos’ acquisition of The Washington Post. Jeff Bezos announced that he would be acquiring The Washington Post on the 05/08/2013, for $250 million, describing it as “unchartered terrain.”