Alibaba to buy luxury e-commerce business from Netease for US$2 billion

SHANGHAI: Alibaba Group Holding Ltd will buy e-commerce business Kaola from Chinese gaming company NetEase Inc for US$2 billion, adding a platform that specializes in supplying luxury goods from abroad to Chinese consumers.

Alibaba, along with private-equity firm Yunfeng - which is backed by the tech giant's founder Jack Ma, said it will separately invest about US$700 million in Netease's music streaming service, NetEase Cloud Music.Kaola, launched by NetEase in 2015, aggressively targets shoppers in China, by offering products from brands such as Gucci, Shisheido and Burberry.

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