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But they face a rocky road, not least due to competition from Alibaba itself as the Chinese firm - soon to be bolstered by funds from a bumper listing - looks for new opportunities outside its home market.

Kering sued the Chinese company in July, also in New York, but later withdrew the suit, saying the two sides agreed to "work together in good faith" to protect intellectual property ensure a "healthy and vibrant e-commerce ecosystem for consumers, merchants, and brand-owners alike. "

Alibaba, the world's biggest e-commerce company by sales volume, has launched a series of initiatives to keep counterfeit goods off its platforms following complaints by trademark owners.

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