E-commerce giant Alibaba Group said Thursday it has bought a 50 percent stake in China's reigning soccer champions Guangzhou Evergrande Football Club for approximately 1.2 billion yuan, or about $192 million, diversifying its investment portfolio beyond retail and logistics.
Alibaba, which is preparing for an IPO later this year, has embarked on a spending spree of late. so far this year, it has invested in portal Youku, online mapping service Autonavi, film studio Chinavision Media and department store and supermarket operator InTime Retail. Just last week it said it was buying a 10 percent stake in postal service Singapore Post Limited for 312.5 million Singapore dollars, or about $248 million at current exchange.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)