Alibaba Plans to Open Logistics Center in Bulgaria

Zacks / Chinese e-commerce giant Alibaba Group Holding Limited is set to bolster its foothold in the logistics space.

In its latest push into logistics, the Chinese e-commerce group reportedly has plans to set up a logistics centre in Bulgaria, Xinhua for timely delivery of goods in Europe. Alibaba also plans to offer Bulgarian food and commodities through its online platform.

Per the Chinese news agency report, representatives of Alibaba Group along with GS-Solar Company and GoldPoly Group had met the Bulgarian prime minister – Boyko Borissov – to explore the various investment opportunities in the country.The government said, “Alibaba Group’s ideas for investments are linked to setting up a logistics center to back up their operations in Europe.”

In the last one year, the stock has outperformed the Zacks Internet-Commerce industry. It has returned 37.91% compared with the industry’s return of 31.81%. The stock jumped 2.16% in yesterday’s trading.