Alibaba Sells Intime Retail Chain at a $1.3 Billion Loss Amid Business Restructuring
Chinese e-commerce giant Alibaba Group announced on Tuesday its decision to sell the Chinese retail chain Intime as part of its business restructuring plan to refocus on its core e-commerce operations.
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Alibaba
The group stated in a press release that the sale will result in an estimated book loss of $1.3 billion, according to Reuters.
The transaction will be executed in favor of a consortium of entities,
including Youngor Fashion and members of Intime’s management team, for 7.4 billion yuan (approximately $1.02 billion).
The group emphasized that the completion of the deal remains subject to regulatory approval.
Alibaba had acquired Intime in 2017 for $2.6 billion as part of its strategy to expand into the traditional retail sector.
Currently, Alibaba holds a 99% stake in the company, making it the largest shareholder.
Eurozone
Economic Confidence in Germany and the Eurozone Improves in December, Exceeding Expectations
Data released by the German ZEW Institute on Tuesday revealed a significant improvement in economic confidence indicators for both Germany and the Eurozone during December, with results surpassing market expectations.
According to the data, the ZEW Economic Sentiment Index for Germany rose to 15.7 points,
exceeding forecasts that projected a decline to 6.8 points.
However, the new figure remains below November’s reading of 17.4 points.
At the same time, the ZEW Economic Sentiment Index for the Eurozone saw a notable increase to 17.0 points,
far above the expected 12.2 points. The index had recorded a reading of 12.5 points in November.
These figures reflect growing optimism among analysts and experts regarding the economic outlook for the Eurozone’s major economies, bolstering confidence in the region’s economic performance moving forward.
Alibaba Sells Intime Retail Chain at a $1.3 Billion Loss Amid Business Restructuring