Alibaba Acquires Controlling Stake in Sun Art Hypermarket Chain
Retail TouchPoints
OCTOBER 19, 2020
billion in the 484 -store Sun Art hypermarket chain in a bid to compete in China’s growing online grocery industry. The transaction raises Alibaba’s aggregate direct and indirect stake in Sun Art to approximately 72% and demonstrates its “New Retail” strategy by further integrating online and offline resources in China’s retail sector.
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