China's Alibaba says to sell department store arm for 1.3 billion dollars lossBecome a FashionUnited insider to access premium industry news and data-driven reports. Subscribe today with your business email.Email addressContinueOR CONTINUE WITHGoogleLinkedInAlibabaRelated NewsBusinessMemberAlibaba sells majority share in Sun Art Retail Group Chinese marketplace giant Alibaba has announced the sale of over 7.5 billion shares in the Sun Art Retail Group Limited, offloading its 78.7 percent stake in the retail chain. Alibaba Subsidiaries and New Retail entered into a sale and purchase agreement with the purchaser, DCP Capital, at a total consideration of around 12.3 billion Hong Kong...Jan 2, 2025BusinessMemberKorea’s Shinsegae partners with China's Alibaba Group Korean departmental stores chain Shinsegae has formed a strategic partnership with China’s Alibaba Group, to strengthen its position in South Korea’s e-commerce market. According to the Reuters report, the company said in a regulatory filing that the joint venture will be formed partly by Shinsegae investing its 100 percent stake in South Korean...Dec 27, 2024BusinessMember'Alibaba Group invests in Korean fashion platform Ably with a view to European expansion'Alibaba Group, the parent company of Alibaba, AliExpress, Tmall and Taobao, among others, is investing 68 million euros (100 billion won) in the Korean online fashion platform Ably. The investment is aimed at the global expansion of the platform, with an emphasis on the US, Europe and Asia. This is reported by Asian press, including Korean...Dec 4, 2024