Alibaba Sells Intime at US$1.3 Billion Loss in Retreat from Offline Retail
- THE CHINA NOW
- Dec 17, 2024
- 2 min read
Summary
Alibaba is selling its entire stake in Intime, a leading department store chain, to a consortium, including Youngor Group and Intime's management.
The sale, valued at 7.4 billion yuan (US$1.3 billion), marks a significant loss for Alibaba, which initially invested 19.8 billion yuan.
The move signifies Alibaba's retreat from its "new retailing" strategy, focusing back on its core e-commerce businesses.
Alibaba Group has finalized the sale of its entire stake in Intime Retail, one of China’s top department store chains, to a consortium comprising Youngor Group and members of Intime’s management. The deal, valued at 7.4 billion yuan (approximately US$1.3 billion), represents a significant loss for Alibaba, which had invested 19.8 billion yuan to take Intime private in 2014.