The world-famous Chinese company is preparing to sell its giant store chain.

It has been reported that Alibaba, the Chinese e-commerce and technology group, will sell its large department store chain Intime as part of its restructuring process. According to a report by the South China Morning Post, which is owned by Alibaba, the company is set to be sold to the Chinese textile and ready-to-wear group Youngor. The report noted that the parties are expected to announce the sale to the public within this week.

INTIME WAS ACQUIRED IN 2017

Alibaba acquired the large department store chain Intime in mainland China in 2017 for $2.5 billion. The acquisition was made as part of the group's strategy to integrate online and retail shopping channels at that time.

In recent years, the group has undergone a restructuring process focused on core business areas related to technology, and is moving to divest its assets outside the e-commerce and technology sectors.

ALIBABA IS RESTRUCTURING

In March 2023, Alibaba announced a restructuring plan that would divide the company into six business groups that would operate independently from the parent holding company. The plan included the flagship e-commerce platforms Taobao-Tmall, the cloud computing service provider Cloud Intelligence, the logistics service provider Cainiao Smart Logistics, the Global Digital Business operating in digital business solutions, the Local Services providing local technology services, and the Digital Media and Entertainment groups covering media and entertainment sector ventures, all of which were planned to operate as independently managed companies.

It was stated that the new restructuring aims for each business group to present itself as an independent entity in the market, carve its own path in terms of competition, and create its own financing sources, including an initial public offering.