Home
Internet
Internet News
Alibaba Claims to Have Spent $161 Million Fighting Fake Goods Since 2013

Alibaba Claims to Have Spent $161 Million Fighting Fake Goods Since 2013 404i38

By Reuters | Updated: 23 December 2014 16:02 IST

ment

China's Alibaba Group Holding Ltd, the world's largest e-commerce company, spent over 1 billion CNY ($160.7 million, roughly Rs. 1,016 crores) combating fake goods and for improving customer protection from the beginning of 2013 to the end of November, the firm said Tuesday.

"From Alibaba Group's perspective, we bear a serious responsibility in this fight against counterfeits," said Alibaba Chief Executive Jonathan Lu in a statement. 5c2l3b

record-setting $25 billion listing in New York in September.

A prevalence of counterfeits could hurt its ability to win over customers, investors and U.S. retail partners, the company said in its IPO prospectus.

Just a few years ago Alibaba's businesses were listed on the U.S. Trade Representative's list of "notorious markets" for intellectual property (IP) infringement.

But online fakes are still a big problem in China. In November, Chinese e-commerce companies held the annual Singles' Day online shopping festival, created by Alibaba and featuring many discounted products. That day, Alibaba reported more than $9 billion (roughly Rs. 56,941 crores) in sales.

The official State istration of Industry and Commerce (SAIC) conducted an investigation on counterfeits on Singles' Day. It found 10.6 percent of the goods that it bought online from various vendors and platforms were fake or highly suspicious.

© Thomson Reuters 2014

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.