Alibaba spent $213 million fighting fakes since 2013

Alibaba spent $213 million fighting fakes since 2013

BEIJING- China's Alibaba Group Holding Ltd, the world's largest e-commerce company, spent over 1 billion yuan (S$213 million) 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.

Alibaba has been tackling counterfeit products with greater aggression in recent years, particularly in the run up to its record-setting US$25 billion (S$33.1 billion) listing in New York in September.

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

Just a few years ago Alibaba's businesses were listed on the US 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 US$9 billion in sales.

The official State Administration of Industry and Commerce (SAIC) conducted an investigation on counterfeits on Singles' Day.

It found 10.6 per cent of the goods that it bought online from various vendors and platforms were fake or highly suspicious.

More about

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.