(UTV|BEIJING) – Internet giant Alibaba Group Holding Ltd. said on Monday (20) it would invest HK$22.4 billion ($2.87 billion) for a major stake in China’s top hypermart operator, Sun Art Retail Group Ltd. part of a wider push into offline retail.
As part of an alliance with Auchan Retail S. A. and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail would boost its stake, the three companies said in a joint statement.
The alliance would target opportunities in China’s $500 billion food retail sector, as Alibaba races to build big-data capabilities in the offline retail market where roughly 85 percent of sales are made.
Courtesy: Reuters
Keeping up to date with breaking news while you are on the move is now simple with UTV alerts
Type REG <space> utv and send to 77000 on your Dialog or Hutch mobile connection
