Well-known e-commerce companies suddenly withdraw from physical retail! The assets "admit loss of 9.3 billion" were all sold

E-commerce giant Alibaba is one of the largest retailers in the world. Its online shopping platforms such as Taobao and Tmall have set high sales records in consecutive years and have a strong influence in the market. However, Alibaba suddenly announced on the 17th that it would sell its own assets. This move was considered to be an attempt to get rid of the traditional physical retail business.

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According to reports from the media "yahoo! News" and "EBC News", Alibaba currently owns 59 department stores and shopping malls in China. Unexpectedly, on the 17th, Alibaba officially announced that it would sell its "Intime Department Store" to The buyer consortium is composed of Youngor Group and Intime management team.

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It is understood that Alibaba currently holds approximately 99% of Intime's equity. Based on the proceeds from the sale of Intime of 7.4 billion yuan, Alibaba has lost approximately 9.3 billion yuan.

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In fact, Alibaba has been selling non-core assets one after another since last year. Alibaba director Cai Chongxin once said in the financial report meeting that "traditional physical retail business is not Alibaba's core business." Now that Alibaba is selling Intime Department Store, it is considered by the outside world The purpose is to reduce the burden, get rid of the loss-making business of physical retail, and focus on winning in the field of e-commerce.

Image source: wikipedia