Alibaba acquires stake in US online retailer Zulily

Chinese e-commerce giant Alibaba has acquired a more than nine-percent stake in US online retailer Zulily, according to regulatory papers. In a filing with the Securities and Exchange Commission late Friday, Alibaba said it had bought up about 4.8 million Zulily Class A shares at a cost of around $56 million. Added to the shares it already owned, Alibaba now has about a sixth of Zulily's Class A stock, representing a 9.3-percent stake in the company, the Wall Street Journal reported. Alibab