BEIJING: Alibaba mentioned on Monday it will take a significant stake in considered one of China's best food dealers for $2.nine billion because the e-commerce massive expands additional into the retail world.
China's largest e-commerce platform has invested heavily in recent times to connect its on-line and offline portfolio of businesses, taking stakes in numerous Chinese grocers, shopping department stores and division retail outlets.
Alibaba will purchase a 36 p.c stake in Sun Art Retail Group from Taiwanese conglomerate Ruentex Group, leaving Alibaba and French firm Auchan Retail with more or less equal stakes in Sun Art's 446 hypermarkets that promote everything from groceries to garments.
Sun Art additionally operates smaller superstores and is development a line of unmanned retail outlets.
Hangzhou-based Alibaba has bet its long run on uniting on-line and offline selling, executing the method well earlier than US-based Amazon made its first major purchase of bricks and mortar grocer Whole Foods earlier this yr.
"Alibaba is excited to join with our new partners to redefine traditional retail through digital transformation," leader government Daniel Zhang mentioned in a statement.
Sun Art is considered one of Auchan's major bets on the Chinese market and the chain of retail outlets has been a boon for its business. The Alibaba funding will integrate Sun Art's bricks and mortar retail outlets with the net selling massive's platform, the firms mentioned in a press unencumber.
"Bringing together the leaders of in-store retail and of online retail will allow us to serve hundreds of millions of Chinese consumers a fully integrated, world-class shopping experience," mentioned Wilhelm Hubner, leader government of Auchan Retail, which is able to moderately elevate its stake in Sun Art as a part of the deal.
China's largest e-commerce platform has invested heavily in recent times to connect its on-line and offline portfolio of businesses, taking stakes in numerous Chinese grocers, shopping department stores and division retail outlets.
Alibaba will purchase a 36 p.c stake in Sun Art Retail Group from Taiwanese conglomerate Ruentex Group, leaving Alibaba and French firm Auchan Retail with more or less equal stakes in Sun Art's 446 hypermarkets that promote everything from groceries to garments.
Sun Art additionally operates smaller superstores and is development a line of unmanned retail outlets.
Hangzhou-based Alibaba has bet its long run on uniting on-line and offline selling, executing the method well earlier than US-based Amazon made its first major purchase of bricks and mortar grocer Whole Foods earlier this yr.
"Alibaba is excited to join with our new partners to redefine traditional retail through digital transformation," leader government Daniel Zhang mentioned in a statement.
Sun Art is considered one of Auchan's major bets on the Chinese market and the chain of retail outlets has been a boon for its business. The Alibaba funding will integrate Sun Art's bricks and mortar retail outlets with the net selling massive's platform, the firms mentioned in a press unencumber.
"Bringing together the leaders of in-store retail and of online retail will allow us to serve hundreds of millions of Chinese consumers a fully integrated, world-class shopping experience," mentioned Wilhelm Hubner, leader government of Auchan Retail, which is able to moderately elevate its stake in Sun Art as a part of the deal.
Alibaba takes $2.9 billion stake in food retailer
![Alibaba takes $2.9 billion stake in food retailer]()
Reviewed by Kailash
on
November 20, 2017
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