SHANGHAI — Chinese e-commerce giant Alibaba’s recent acquisition of a minority stake in microblogging service Weibo could forge a new model for social commerce in the country, the world’s second-largest online shopping market behind the U.S.
Alibaba, which owns Taobao.com and Tmall.com, two of China’s largest e-commerce Web sites, said earlier this week that it is buying an 18 percent stake in Sina Corp.’s Weibo, considered China’s answer to Twitter, for $586 million in stock. Alibaba has the option to raise its stake to 30 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"