Alibaba took down 90 million counterfeit products before its IPO
The Chinese e-commerce giant spent more than $160 million in the last two years to fight fakes, a top executive says. (Bloomberg) — Alibaba Group Holding Ltd., which faced scrutiny for selling counterfeit goods on its websites, said it removed 90 million listings that may have breached intellectual-property rights. The fake product listings were taken down across Alibaba’s e-commerce platforms through September this year, Chief Risk Officer Polo Shao said at a press conference in Hangzhou today. Alibaba, which raised a record $25 billion in an initial public offering in September, said it spent $160.7 million from the beginning of 2013 through last month to block counterfeit products and boost consumer protection.
Related Posts
Customs nab two Sri Lankans smuggling illegal cigarettes worth Rs. 3.5 million
Colombo: Sri Lanka Customs officials have arrested two Sri Lankan passengers at...
Danish supermarket chain loses fake Ralph Lauren case
A Danish supermarket chain has been ordered to pay compensation to Ralph Lauren...
Zim loses US$30m to smuggled washing powder
Zimbabwe is losing approximately US$30 million a year through the smuggling of...
Canadian Mounties seize fake OxyContin
Bagged pillsPolice in Canada are warning the public to beware of counterfeit...