E-Commerce Giant Alibaba Sells Intime Luxury Store Chain At Big Loss
Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion), which will lead to record losses of 9.3 billion yuan.
China's Alibaba Says To Sell Department Store Arm For $1.3 Bn Loss
China's Alibaba said Tuesday that it had agreed to sell department store chain Intime at a $1.3 billion loss, as the tech giant trims down its operations with competition intensifying in the country's cutthroat e-commerce market.
Alibaba Sees $1.3 Bln Loss On Sale Of Intime Store Chain
Alibaba Group Holding Limited announced its agreement to sell Intime department store chain in China to textile and apparel company
Alibaba to sell China department store chain Intime for $1.3 billion loss
Alibaba Group said on Tuesday it would sell its Chinese department store unit Intime and book a $1.3 billion loss from the deal, as the retail giant reshuffles its business portfolio to focus on its core e-commerce operation.
Alibaba to Record $1.3 Billion Loss in Sale of Intime Stores
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.
Alibaba Expects $1.28 Billion Loss on Sale of Department Store Intime
The sale comes as Alibaba has been restructuring its businesses to focus on the e-commerce sector amid intensifying competition with its Chinese rivals.
Alibaba to sell department store chain Intime for $1 billion
Alibaba Group said on Tuesday that it will sell its department store unit Intime to a consortium comprising of textiles firm Youngor Fashion and some of Intime's management for 7.4 billion yuan ($1.02 billion).
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Jack Ma Makes Rare Appearance At Alibaba Fintech Event Stresses On AI Revolution
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Jack Ma makes rare speech at Ant Group’s 20th anniversary, predicts AI-driven future
The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020.
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Ant Group gets new CEO as billionaire founder Jack Ma talks up AI in rare appearance
The management changes were announced as part of the company's twentieth anniversary celebrations which also featured a speech from Alibaba and Ant Group founder Jack Ma. Ma said the artificial ...