Chinese e-commerce firm Alibaba Group has taken control of logistics unit Cainiao and pledged to spend $15 billion over five years to build out a global logistics network. Laura Frykberg reports.
Chinese E-commerce giant, Alibaba, continues its bid to expand overseas. Taking control of parcel tracking firm, Cainiao, with an 800 million dollar investment. It now owns 51 percent of the firm it co-founded in 2013. And plans to spend 15 billion dollars over five years building a global logistics network. Alibaba's seeking to expand its e-commerce and logistics network outside of China. It recently announced direct sales channels in Indonesia, Thailand and the Philippines through a $2 billion investment in the online retailer, Lazada Group. Analysts see no end to the domination of Jack Ma's Alibaba. Especially now its taken control of Cainiao. The network now oversees roughly 57 million deliveries a day in 152 different countries.