Group Holdings will acquire a controlling stake in China-based hypermarket operator Sun Art Retail Group Ltd for $ 3.6 billion, the company said on Monday.
Alibaba is steadily expanding its presence in China's retail sector as the growth of traditional e-commerce slows. The online retailer will use its online resources to support 481 Sun Art hypermarkets and three mid-size supermarkets in China.
Alibaba already owns 21% of Sun Art and will increase its stake to about 72% by acquiring a stake from A-RT Retail Holdings.
"As the COVID-19 pandemic accelerates the digitalization of consumers' lives and corporate operations, the Sun Art acquisition strengthens our vision for a new retail model and offers a fully integrated experience for more consumers," said Alibaba Chairman and CEO Daniel Zhang. Such a move will enable the company to increase its sales in such difficult times for the entire economy.
Alibaba is steadily expanding its presence in China's retail sector as the growth of traditional e-commerce slows. The online retailer will use its online resources to support 481 Sun Art hypermarkets and three mid-size supermarkets in China.
Alibaba already owns 21% of Sun Art and will increase its stake to about 72% by acquiring a stake from A-RT Retail Holdings.
"As the COVID-19 pandemic accelerates the digitalization of consumers' lives and corporate operations, the Sun Art acquisition strengthens our vision for a new retail model and offers a fully integrated experience for more consumers," said Alibaba Chairman and CEO Daniel Zhang. Such a move will enable the company to increase its sales in such difficult times for the entire economy.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.