Alibaba Spruces Up Retail Portfolio With Home Improvement Chain Investment
E-commerce giant Alibaba Group Holding Ltd. said on Sunday it will pay 5.45 billion yuan ($865 million) for 15% of one of China’s leading traditional home improvement chains, extending its strategy of combining online and offline retailing.
The investment in Beijing Easyhome Furnishing Chain Store Group Co. Ltd “underscores Alibaba’s commitment to furthering the new retail strategy by taking it into new sectors and driving the seamless convergence of online and offline retail experience,” Alibaba said in a statement.
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