Alibaba to sell full stake in offline shopping chain Intime Retail for $1 billion

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Alibaba Group announced today that it has agreed to sell its entire stake in Intime Retail to a buyer consortium led by Youngor Group and Intime’s management team. The sale is valued at around RMB 7.4 billion ($1 billion). Alibaba expects to incur a loss of about RMB 9.3 billion ($1.3 billion) as a result of the sale of Intime. Intime, a major offline retail chain, became an integral part of Alibaba’s strategy for integrating online and offline commerce following a strategic partnership announcement in June 2015. [Alibaba Group]