Asia
Alibaba to Mark $1.3 Billion Loss in Sale of Intime Stores
- Chinese tech company agrees to sell Intime to Youngor Fashion
- Alibaba has pivoted toward consolidating its core businesses
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Alibaba Group Holding Ltd. has agreed to sell its Intime department store business to Youngor Fashion Co. for around $1 billion in a move to offload non-core assets.
The 7.4 billion yuan deal announced on Tuesday, which confirmed an earlier Bloomberg News report, will see the Chinese ecommerce giant record a loss of 9.3 billion yuan ($1.3 billion) on its initial investment in Intime. That acquisition had been a bet on integrating online and offline retailing into a unified business back in 2017. Alibaba had reached out to several potential buyers for Intime as it sought to streamline its operations, people familiar with the matter said earlier this year.