Alibaba sells Intime department stores and loses US$1.3 billion

On December 16, Alibaba Group (Q3 2024 sales: US$33.7 billion, up 5%) announced the sale of the department store subsidiary Intime, acquired in 2017 for US$2.6 billion. Once approval has been obtained from the Chinese authorities, Alibaba will sell 99% of Intime to Youngor Fashion (99% stake) and 1% to the subsidiary’s management team. The US$1.02 billion transaction represents a US$1.3 billion loss for Alibaba. For the group, the ‘Other’ branch, which includes Intime, Sun Art, Freshippo and RT