Alibaba buys stake in Chinese hypermarket chain Sun Art

Alibaba buys stake in Chinese hypermarket chain Sun Art
 

Chinese e-commerce giant Alibaba is pushing further into bricks and mortar retailing by buying a 36% stake in China's largest hypermarket operator.
A unit of Alibaba will pay $2.9bn (£2.2bn) for both direct and indirect holdings in Sun Art, which operates more than 400 stores across China.
The purchase gives Alibaba a leg up in the lucrative grocery sector.
US rival Amazon paid nearly $14bn for upmarket grocery chain Whole Foods earlier this year, in a similar foray.
Alibaba has been looking to integrate online and offline shopping without having to build its own physical stores.
The online... read more

 
20 November 2017 in Business, Views: 47
Source: BBC
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