Alibaba Sells Intime Department Store Chain

The sale marks a $1.3 billion loss as Alibaba pivots back to core e-commerce and cloud businesses.

Alibaba has agreed to sell its 99% stake in Intime to a consortium led by Youngor Group and Intime’s management for 7.4 billion yuan ($1 billion).
The deal is part of Alibaba's strategy to refocus on its core e-commerce and cloud computing operations after years of diversification into offline retail.
The sale will result in an estimated loss of 9.3 billion yuan ($1.3 billion) for Alibaba, which had acquired Intime in 2017 for $2.6 billion.
Youngor Group, a Ningbo-based fashion conglomerate, will own 60% of Intime post-sale, with the remaining 40% held by Intime’s management team.
The move follows Alibaba’s broader restructuring efforts, including merging domestic and international e-commerce operations to streamline its business.