Macy's to Set up China Online Store on Alibaba's Tmall Global

Alibaba Group Holding Ltd said it signed an agreement with the Chinese joint venture of Macy's to set up the U.S. retailer's store on its online marketplace, Tmall Global. The deal makes Macy's the first U.S. department store chain to join Tmall Global, Alibaba said on Wednesday. Alibaba and its newer rival JD.com have been trying to win deals with owners of popular U.S. brands to cater to China's growing appetite for imported consumer products. Macy's said on Wednesday that its joint venture, Macy's China Ltd, with Hong Kong-based retailer Fung Retailing Ltd would invest about $25 million over the next 18 months.