AliExpress Russia eyes $10 billion turnover by 2022-2023, up an estimated 66% [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
AliExpress Russia eyes $10 billion turnover by 2022-2023, up an estimated 66% MOSCOW (Reuters) - AliExpress Russia, an e-commerce venture between Chinese online shopping giant Alibaba and Russian partners, said it was aiming for annual turnover of $10 billion by 2022-2023, up from what analysts estimate is about $6 billion now. Chief Executive Dmitry Sergeev, who did not give details on current turnover, told Reuters the company could consider an initial public offering (IPO) in three to four years, although he called the existing shareholding structure “optimal”. “We are completely localising business and are building a separate company here,” Sergeev said in an interview, adding that this meant improving the Russian language search function and expanding the network of local sellers. He said AliExpress Russia wanted to increase the share of Russian sellers on the platform to 50% by 2022-2023, adding that purchases from China now dominated business. He also said the firm aimed for 50
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