Alibaba Spent $161M Fighting Fakes, Bans 90M Items

Chinese e-commerce giant Alibaba took 90 million counterfeit items offline and spent over 1 billion yuan ($160.7 million) fighting fake goods, from the beginning of 2013 to November this year. The online company's announcement highlights its massive issue with so-called "knock-offs" and its efforts to clean up its act ahead of the company's record $25 billion initial public offering (IPO) in September.