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Last Updated : Oct 19, 2020 08:07 AM IST | Source: Reuters

Alibaba to buy controlling stake in hypermarket chain Sun Art in $3.6 billion deal

The e-commerce giant is hoping to further leverage its digital presence to support Sun Art's 481 hypermarkets and three mid-size supermarkets in China as the coronavirus pandemic accelerates the shift by customers online.

Reuters
Q. With a total lockdown in China, Alibaba has initiated a new initiative to entice customers who have no way to check the quality of the fruits and vegetables they are buying of its platform TaoBao. What is this new initiative which promises to keep China’s produce flowing from farm to table?
Q. With a total lockdown in China, Alibaba has initiated a new initiative to entice customers who have no way to check the quality of the fruits and vegetables they are buying of its platform TaoBao. What is this new initiative which promises to keep China’s produce flowing from farm to table?

Alibaba Group Holdings said on Monday it will invest $3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group Ltd , gaining further ground in China's booming retail market.

The e-commerce giant is hoping to further leverage its digital presence to support Sun Art's 481 hypermarkets and three mid-size supermarkets in China as the coronavirus pandemic accelerates the shift by customers online.

Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art.

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"As the COVID-19 pandemic is accelerating the digitalisation of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience," Alibaba Chairman and Chief Executive Officer Daniel Zhang said in a statement.

Alibaba added that Peter Huang would be appointed chairman of Sun Art on top of his current role as chief executive officer.
First Published on Oct 19, 2020 08:01 am
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