Alibaba to Sell Full Stake in Intime Retail for $1 Billion
Alibaba Group has announced an agreement to sell its entire stake in Intime Retail, a major offline shopping chain, to a buyer consortium led by Youngor Group and Intime’s management team. The transaction is valued at approximately RMB 7.4 billion ($1 billion). As Alibaba holds around 99% of Intime’s stock, the company expects to incur a loss of about RMB 9.3 billion ($1.3 billion) from this divestment. Intime became a key component of Alibaba’s strategy to integrate online and offline commerce after a strategic partnership began in 2015, with Alibaba becoming the largest shareholder by 2016. This move aligns with Chairman Joe Tsai’s earlier statement regarding the sale of non-core assets, following $1.7 billion in such sales during the first nine months of the 2024 fiscal year. The deal reflects Alibaba's ongoing restructuring efforts to streamline operations and focus on core business areas, potentially including further reductions in physical retail holdings like RT-Mart and Freshippo.
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Alibaba to Sell Full Stake in Intime Retail for $1 Billion
Alibaba Group has announced an agreement to sell its entire stake in Intime Retail, a major offline shopping chain, to a buyer consortium led by Youngor Group and Intime’s management team. The transaction is valued at approximately RMB 7.4 billion ($1 billion). As Alibaba holds around 99% of Intime’s stock, the company expects to incur a loss of about RMB 9.3 billion ($1.3 billion) from this divestment. Intime became a key component of Alibaba’s strategy to integrate online and offline commerce after a strategic partnership began in 2015, with Alibaba becoming the largest shareholder by 2016. This move aligns with Chairman Joe Tsai’s earlier statement regarding the sale of non-core assets, following $1.7 billion in such sales during the first nine months of the 2024 fiscal year. The deal reflects Alibaba's ongoing restructuring efforts to streamline operations and focus on core business areas, potentially including further reductions in physical retail holdings like RT-Mart and Freshippo.
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