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.
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