Alibaba invests in clothes sharing platform Ycloset

YCloset, a leading Chinese garment sharing platform, has completed an undisclosed strategic fundraising round from e-commerce giant Alibaba Group Holding Ltd, to better cater to female users' beauty and fashion requirements.

Proceeds from the new funding will be used to tap into more consumption trends, expand its algorithm system and continue to build more warehouse and cleaning operation centers across the country.

The move also marks Alibaba's latest attempt to promote the diversified development of its business.