Press releases or major financial news outlets covering Alibaba's strategic decisions.

Alibaba to Sell Intime Department Store Chain for $1 Billion, Booking $1.3 Billion Loss in Restructuring to Focus on E-Commerce

Dec 17, 2024, 09:09 AM

Alibaba Group is set to sell its Chinese department store chain, Intime, as part of a strategic restructuring aimed at refocusing on its e-commerce operations. The sale is expected to result in a significant financial impact, with the company anticipating a loss of approximately $1.3 billion from the transaction. The decision to divest Intime follows a broader trend within Alibaba to streamline its retail business, which has faced challenges in recent years. The company has agreed to sell its entire stake in Intime for around $1 billion, marking a notable shift in its business strategy. This move is part of Alibaba's ongoing efforts to adapt to changing consumer behaviors and enhance its focus on online retailing.