Alibaba to sell Chinese department store chain, booking $1.3bn loss

E-tailer unloads Intime as it sharpens focus on hotly competitive core business

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An Intime department store in Beijing is pictured in 2017, the year Alibaba took control of the business in a take-private deal. © Reuters

WATARU SUZUKI, Nikkei staff writer

December 17, 2024 15:48 JST

SHANGHAI -- Chinese e-commerce conglomerate Alibaba Group Holding on Tuesday said it will sell its stake in department store chain Intime to clothing company Youngor Group and members of Intime's management team.

The transaction will generate gross proceeds of 7.4 billion yuan ($1 billion) for Alibaba, which holds a 99% stake in Intime. But Alibaba will record a 9.3 billion yuan loss on the sale, partly due to the carrying value of Intime's assets.