Alibaba Group Holding Ltd. announced on Tuesday that it will sell its department store chain, Intime, to Youngor Fashion Group for 7.4 billion yuan (about $1.02 billion). The move is part of Alibaba’s plan to focus more on its main businesses, including e-commerce, cloud computing, and digital services.
Alibaba first acquired Intime in 2017 to strengthen its brick-and-mortar retail operations alongside its dominant online platforms. However, under its current leadership and shifting market trends, the company has decided to sell non-core assets like Intime to streamline operations and increase financial flexibility.
Youngor Fashion Group, based in Ningbo, is a well-known clothing manufacturer and retailer in China with a strong domestic and international presence. By acquiring Intime, Youngor gains access to an extensive network
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