Global

Alibaba buys stake in Chinese hypermarket chain Sun Art

Alibaba buys stake in Chinese hypermarket chain Sun Art

As part of a strategic alliance with Auchan Retail S.A. and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail was also increasing its stake in Sun Art, Alibaba said in a joint statement.

Shares in Sun Art Retail plunged as much as 13.6% in Hong Kong trading Monday morning following news of the Alibaba deal.

Alibaba acquired the stake in Sun Art Retail at HK$6.50 per share - a sharp discount to the target company's current share price - and said it will separately make a "possible" mandatory cash offer for Sun Art Retail shares at the same price. Ruentex, the shareholder that sold their stake to Alibaba retains 4.67%, while the French retailer Auchan Retail with 36.18% is the biggest investor.

Daniel Zhang the CEO at Alibaba said physical stores represent an indispensable role in the consumer journey, and must be enhanced through technology that is data-driven, and personalized services in today's digital economy.

"The new-retail strategy seems to be the new trend for e-commerce giants". Further, the executive said that Chinese consumers will experience a fully integrated, world-class shopping experience as offline and online giants come together.

Rose leads after round three in Dubai golf
Rose needed to finish at least solo fourth, but the ensuing birdie only gave him a tied fourth place at 17-under par . England's Tommy Fleetwood now tops the Race to Dubai, and is only two shots behind on 13-under alongside Burmester.

"This is apparent both within China and globally, but perhaps even more pronounced in China given that beyond the needs of immediacy and convenience, customers also have the habit of being able to "touch and feel" and ultimately pick the actual produce they are purchasing". Hema stores don't just give a glimpse into the future of the retail, but also serves as the hub for Alibaba retail ideas for retailers like SunArt, InTime and Suning.

Alibaba is sustaining its enhancement into offline retail succeeding the Chinese e-commerce mammoth purchased more than one-third of one of Chinese most productive mechanics of hypermarket stores.

In January, Alibaba bought the remainder of InTime and took the business private, while during May it bought a share of Lianhua the supermarket brand.

The collaboration of the three companies would aim to reach the opportunities in China's $500 billion food retail sector, as Alibaba races to create big-data capabilities in the offline retail market where approximately 85 percent of sales are produced. The acquisition gave the US firm a major presence in physical retail. Year to date, the stock is up nearly 111%, while in the last one-month, it is up over 4%.


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