MARKETS & INVESTING, RETAIL | Staff Reporter, Singapore

Google to invest US$550m in Chinese e-commerce firm will put up product sale through Google shopping.

Google will back Chinese e-commerce firm with a US$550m ($743.43m) for a partnership to develop retail solutions in Southeast Asia, the US, and Europe. The Chinese company also plans to put up sale of products through Google Shopping in various regions, an announcement noted. 

With about 301.8 million customers, is a one-stop e-commerce platform that offers online shopping in electronics, apparel and home furnishings, fast-moving consumer goods (FMCG), fresh good, home appliances and others.

Based on the deal, Google is set to buy 27,106,948 Class A ordinary shares for US$20.29 ($27.43) each 

“This marks an important step in the process of modernizing global retail,” chief strategy officer Jianwen Liao said.

Also read: Google unveils e-payment app in Singapore

"We are excited to partner with and explore new solutions for retail ecosystems around the world to enable helpful, personalized and frictionless shopping experiences that give consumers the power to shop wherever and however they want,” Google chief business officer Philipp Schindler noted.

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