Alibaba offloads its remaining stake in Intime Department Store to Youngor Group, a Chinese fashion company, for 7.4 billion renminbi ($1 billion). This move signals Alibaba's shift in focus towards its core businesses and the planned listing of Intime on the Hong Kong Stock Exchange.
Alibaba has sold its stake in Intime Department Store to Youngor Group , a Chinese fashion company, for 7.4 billion renminbi (about $1 billion). This move comes as Alibaba focuses on its core businesses and the planned listing of Intime on the Hong Kong Stock Exchange. The deal is expected to result in a loss of approximately 9.3 billion renminbi (around $1.3 billion) for Alibaba .
Intime, founded in 1998, was a pioneer in China's retail sector, going public on the Hong Kong Stock Exchange in 2007. Alibaba invested in Intime in 2013 to expand its omnichannel offerings, eventually becoming the single largest shareholder. In 2017, Alibaba took Intime private to accelerate its offline retail expansion. Intime currently operates 60 stores in mainland China and has an online presence with over 40 million users across various platforms. After the acquisition, Youngor will own approximately 60 percent of Intime, while the remaining shares will be held by Intime's management team. Youngor plans to leverage its investment in Intime to strengthen its retail supply chain and support the local fashion ecosystem. They also intend to provide Intime with operational freedom and support its growth
Alibaba Intime Youngor Group Retail Acquisition
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