Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DAVOS, Switzerland (AP) — Alibaba chief Jack Ma says he hopes a new accord with Olympics officials will help fight counterfeiting, as the e-commerce giant seeks to repair its image after being deemed a "notorious" market for fakes by the U.S. government.
The Chinese billionaire and International Olympic Committee President Thomas Bach announced Thursday a partnership to run through 2028 in which Alibaba will support the $500 million Olympic Channel in China, among other things.
Ma said at the World Economic Forum in Davos, Switzerland, that the partnership can help find out "exactly" who authorized vendors are. He said Alibaba has "the largest anti-counterfeit team in the world."
Bach said that having a centralized platform could help fight counterfeiting.
The U.S. Trade Representative last month said Alibaba's online marketplace Taobao sells many counterfeit goods.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
