24th Sep 2014 05:56
LONDON (Alliance News) - WPP PLC is investing in a new Chinese ecommerce service company called Polestar, the Financial Times reported Tuesday, as many of its clients migrate to China's online retail sector.
The sector has come into focus following the high-profile listing of Chinese ecommerce giant Alibaba Group Holding Ltd on NASDAQ last week.
The value of WPP's investment was not disclosed, although the FT report said it was a multimillion-dollar sum for a minority stake.
Polestar was formed from a merger of five third-party service companies in April, the newspaper said, and many of its senior executives formerly worked at Alibaba.
http://www.ft.com/cms/s/0/55f7fec8-4312-11e4-8a43-00144feabdc0.html?siteedition=uk#axzz3ED1VC3po
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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