U.S. Retailer Macy’s Ends China Joint Venture
American retail giant Macy’s Inc. said it is ending a joint venture set up less than three years ago with Hong Kong-based Fung Retailing Ltd. to explore China’s retail market through an online store on Alibaba’s Tmall marketplace.
The department store operator said its e-commerce team in San Francisco would take over management of its China business with support from a Shanghai-based unit of the Fung Group, Fung Omni Services, which provides retailers with services such as inventory and order management and marketing.
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