Alibaba steps up global logistics network with majority stake in Cainiao

Alibaba has increased its investment in logistics company Cainiao as it continues to ramp up its ‘New Retail’ strategy globally.
The e-commerce giant has invested RMB5.3 billion (US$807 million) to increase its ownership from 47% to 51%, giving it a majority stake and increasing its board representation to four out of seven seats.
The move is part of Alibaba’s mission to create a global logistics network that can fulfil orders in China within 24 hours and within 72 hours anywhe