Alibaba opens subsidiary in Spain
Chinese e-commerce giant Alibaba has opened a subsidiary in Spain to strengthen the local presence and boost its development. The Spanish arm of the Chinese company opened for business in May and is now called Alibaba E-commerce Spain.
According to the country’s official gazette, the Spanish subsidiary is based on Zurbaran, Madrid.
The company started operations under the name of Gratingar in May this year, and it changed its name to Alibaba E-commerce Spain later in September. Timothy Steiner, who is Alibaba’s general counsel secretary, has been appointed as its chairman. The wholly owned subsidiary has an exclusive agreement with Alibaba.
The e-commerce platform announced last year its plan to open a new office in Spain, after having identified important growth opportunities in the Spanish market.
The group reported sales of CNY50.1 billion ($7.51 billion, €6.4 billion) in the first quarter of 2017, ended June 30. This was up 56% on the previous year, and was significantly higher than analysts’ average estimate of CNY47.7 billion. The group’s net profit almost doubled to $2.17 billion, or 87 cents per diluted share.
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