Alibaba bets US$2.9b on China's top hypermarket player
It's Alibaba's latest foray into old-school shopping; seeks to shake up US$4 trillion brick-and-mortar retail arena
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Hong Kong
ALIBABA Group Holding Ltd agreed to buy a stake in China's largest operator of Wal-Mart-style hypermarkets for about US$2.9 billion, making its latest bet on the evolution of brick-and-mortar retail.
Alibaba is acquiring 36 per cent of Sun Art Retail Group Ltd, which operates about 400 hypermarkets under the Auchan and RT-Mart banners. As part of the deal, France's Auchan Retail SA will raise its stake in Sun Art to a similar level and form an alliance with the Internet giant to tackle Chinese food retail.
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