Alibaba Divests Its Intime Store Chain

12/23/2024 11:05:12 PM

(MENAFN- Investor Brand Network) Alibaba Group Holding Ltd. (NYSE: BABA)
has
sold
off its Chinese department store chain Intime and the transaction is set to cost the conglomerate $1.3 billion in losses. Chinese media reports say that Alibaba's decision to divest Intime is part of a company-wide effort to overhaul its entire business portfolio and focus on just e-commerce.

Last month, Alibaba unveiled a strategy that would see the...

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