Monday, August 31, 2015

China millions back Conshy's Kynetic online retail: report

After backing founder Mike Rubin's Fanatics, is Alibaba ready to pump millions into ShopRunner?

China millions back Conshy's Kynetic online retail: report

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Alibaba, China's version of eBay, has been discussing a $70 million investment in Michael Rubin's Conshohocken-based ShopRunner Inc., which helps retailers offer online sales services to compete with, the Wall St Journal reported here.

Alibaba, which is preparing to go public at a multibillion-dollar valuation, joined Singapore's Temasek national fund in raising $170 million for Kynetic's Fanatics pro and college sports gear marketing arm, which counts Comcast's NBC and rival networks among its partners, back in June, as I reported here.

Rubin sold his earlier publicly-traded online-sales company, GSI Commerce, to eBay for $2.5 billion in 2011, and made eBay his partner in ShopRunner, Fanatics and other businesses not included in the deal. 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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