Alibaba and American Express are set to exit the subscription-based e-commerce platform, which had been valued at $600m in 2013.
Courier services provider FedEx agreed on Wednesday to buy ShopRunner, a US-based e-commerce platform backed by China-based e-commerce company Alibaba and payment services firm American Express, for an undisclosed amount.
The deal is expected to wrap up by the end of 2020, after which ShopRunner will operate as a subsidiary of FedEx’s corporate services division, FedEx Services.
ShopRunner’s e-commerce platform provides access to more than 100 retail brands through a membership scheme that offers two-day shipping, free returns and exclusive…
