Aya Lin · · 1 min readIn brief: Alibaba invests $635m in furniture retailer Red Star Macalline
- China’s Alibaba Group has acquired roughly US$635 million worth of convertible bonds from local furniture retailer Red Star Macalline, which would give Alibaba a 10% stake in the company if exchanged, TechNode reports.
- The ecommerce giant also purchased about 3.7% of Red Star Macalline’s publicly traded shares on the Hong Kong stock exchange.
- Under the deal, the two companies will work together to improve physical stores, and Red Star Macalline will be able to make use of Alibaba’s ecommerce channels.
Editing by Eileen C. Ang
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