Alibaba buying stake in Beijing Easyhome
E-commerce giant Alibaba Group Holding will pay RMB5.45 billion (US$865 million) for 15 per cent of Beijing Easyhome Furnishing Chain Store Group.
Alibaba says the move underscores its commitment to furthering the new retail strategy by taking it into new sectors and driving the seamless convergence of online and offline retail.
Easyhome has 223 stores in 29 provinces and autonomous regions across China, and posted sales of more than RMB60 billion last year. Alibaba says Easyhome will use the cash infusion and broader partnership to help with its digital transformation.
This move follows Alibaba announcing in November it would buy 36.2 per cent of traditional hypermarket owner Sun Art Retail Group for HK$22.4 billion (US$2.86 billion), described as a “major step” in China’s retail landscape.