Alibaba to sell Intime Retail department store at $1.3b loss

Alibaba Group Holding Ltd. has agreed to sell its Intime department store unit to Youngor Fashion Co. for approximately US$1 billion.

This deal is expected to result in a loss of 9.3 billion yuan (US$1.3 billion) for Alibaba based on its initial investment in Intime.

This move is part of Alibaba’s strategy under CEO Eddie Wu to streamline operations and focus on core growth areas.

Recent Alibaba developments

Timeline
16-Dec-2024 🛍️ Alibaba said to sell its department store chain Intime Retail Alibaba plans to sell Intime Retail chain. Sale ends Alibaba’s seven-year ownership.
15-Dec-2024 🤖 Alibaba, Tencent, Huawei, other execs join China’s AI committee China forms AI standards committee with major firms 41-member group aims to create 50 AI standards by 2026
05-Dec-2024 🌐 Alibaba Cloud expands AI ecosystem through 2025 Alibaba Cloud launches AI Alliance Accelerator. New collaboration with Telkom Indonesia announced.
04-Dec-2024 🚀 Alibaba invests over $70m in South Korea’s fashion platform Alibaba invests $70.7M in Ably Corp Ably valued at $2.1B; 8.8M users in October
29-Nov-2024 💸 Alibaba-backed Turkish ecommerce firm said to seek $1b Trendyol plans to raise $1 billion for growth Exploratory talks with investors are underway
28-Nov-2024 🧠 Alibaba’s AI model tops OpenAI in reasoning tasks

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