BEIJING, July 20 (Xinhua) -- Alibaba Group announced on Thursday that that it has recently completed its strategic investment in Suning Sports.
As an important carrier in strategic cooperation of Alibaba Group and Suning Sports, Youku will conduct a deep cooperation with PP Sports under the flag of Suning Sports on setting up a joint operation platform and cooperating in various fields such as member brands and services.
This investment in Suning Sports is another move of Alibaba in sports sector. It also means that Alibaba and Suning will further integrate in the sports industry based on the synergy of the new retail sector, said Yang Weidong, president of Youku, and rotating president of Alibaba Digital Media and Entertainment Group. (Edited by Ma Xin, maxin11@xinhua.org)
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