Chinese internet giant Alibaba has sold American 11 Main to online marketplace OpenSky in return for 38 % of the company's shares.
Not as interested in its own platform
Alibaba launched 11 Main in June 2014, in a first attempt to gain a foothold in the American market, but expectations were not that high, particularly as the marketplace was only accessible through an invitation. According to internal sources, 11 Main received very little backing from the Chinese main office, not even at its start.
Alibaba's vice president Joseph Tsai had already divulged in a previous interview that the company had little interest in owning its own platform in the United States, but it wanted to connect Chinese consumers to American retailers. That is why it uses Tmall Global for example. Web shops from other countries can also use that platform to sell to Chinese consumers.