Alibaba invests in

Chinese e-commerce giant Alibaba Group Holding Ltd will invest 2 billion yuan (USD 288 million) in Chinese wine and spirits importer and retailer, to spur the growth of wine demand in China.

Alibaba will buy over 39.3 million shares in a share subscription, said in a statement to the National Equities Exchange and Quotations (NEEQ) on Thursday. revenues grew 16.24 percent last year, to CNY 3.36 billion, and are expected to rise to CNY 4.5 billion this year and CNY 7 billion in 2019.

Beside importing, sells wine, beers and spirits directly to Chinese consumers on its site, with goods imported from major wine producers in France, Australia, Spain, Chile, Italy and the United States, as well as domestically produced tipples.

This acquisition of a stake reinforces Alibaba’s desire to develop its activities in wines and spirits but also in food.