China's Alibaba acquires minority stake in online shopping firm ShopRunner

Washington, Aug. 18 (ANI): Alibaba has purchased a minority stake in online shopping network ShopRunner for 75 million dollars.

The move comes as the Chinese e-commerce company is looking for investments aimed at helping it learn more about the U.S. retail market.

According to Fox News, earlier this year, Alibaba invested in sports apparel retailer Fanatics.

ShopRunner is led by former Yahoo Inc. Chief Executive Scott Thompson.

Yahoo owns a 24 percent stake in Alibaba. (ANI)

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