Forbes
Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion) as the company returns it focus to e-commerce, even though the sale will lead to losses of 9.3 billion yuan. The Hangzhou-based behemoth said a consortium of buyers including Chinese billionaire Li Rucheng ’s fashion conglomerate
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E-Commerce Giant Alibaba Sells Intime Luxury Store Chain At Big Loss
Yue Wang
10:23
Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion) as the company returns it focus to e-commerce, even though the sale will lead to losses of 9.3 billion yuan. The Hangzhou-based behemoth said a consortium of buyers including Chinese billionaire Li Rucheng ’s fashion conglomerate
