Seeking to focus more on ecommerce and other digital businesses, Alibaba Group plans to sell its more than 70% stake in Sun Art, operator of RT-Mart and M-Club stores in China, for $1.6 billion, according to Forbes. Alibaba plans to sell its stake to private equity firm DCP Capital even though the asset disposal will lead to a $1.8 billion loss for its shareholders. Alibaba had sold its Intime chain of department stores in December 2024 at a shareholder loss of $1.3 billion.
As it exits physical retail in China, Alibaba is seeking ecommerce opportunities in other countries. The company will set up a joint shopping venture this year with South Korean retailer E-mart, according to reporting in the Wall Street Journal and other publications based on an E-mart regulatory filing.
The companies will combine the assets of their separate ecommerce platforms, AliExpress Korea and Gmarket, to form a 50-50 joint venture. However, the platforms will continue to operate independently, according to a statement by E-mart parent company Shinsegae Group.
Advertisement
