With an estimated investment of $20 million initially, the Chinese firm will own 35 per cent stake in the new venture, while Softbank will hold the remainder. Alibaba.com Japan will be headed by Makoto Kouyama as CEO; Sun Jiong has been named the COO of the joint venture.
"SOFTBANK has been a strategic investor in the Alibaba Group for many years, and this agreement is a natural extension of our strong relationship," said Jack Ma, chairman, Alibaba.com. "Alibaba.com Japan will provide Japanese businesses with the most comprehensive database of suppliers available online today from China and around the world. It will combine the strength of Alibaba.com's global community with SOFTBANK s established brand, marketing power and sales and customer service network in Japan."
"It will be a great pleasure to launch this joint venture business with Alibaba.com, the largest B2B e-commerce company in China," said Masayoshi Son, CEO, Softbank Group. "We expect that Alibaba.com Japan will create new business opportunities and stimulate big changes in the Japanese market."
Japan has more than 4 million SMEs, which account for 25 per cent of the country's export value and 63 per cent of its import value. Since 2006, China has surpassed the US to become Japan's largest trading partner. Alibaba.com Japan will promote trade between China and Japan, as well as help Japanese businesses open up new trade channels worldwide.
Alibaba.com Japan, a B2B online marketplace for global trade, localises language and content for a Japanese audience. Initially, Alibaba.com Japan will focus on cross-border trade for imports from China and around the world into Japan. Later, it will expand its focus to exports from Japan and domestic B2B trade in Japan as well. |
