"Alibaba to divest retail store chain Intime for $1bn " was originally created and published by Retail Insight Network, a GlobalData owned brand.

Alibaba Group Holding Ltd. has agreed to sell its Intime department store business to Youngor Fashion Co. for around $1 billion in a move to offload non-core assets.

Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion), which will lead to record losses of 9.3 billion yuan.

Alibaba Group Holding is taking a 9.3 billion yuan (US$1.3 billion) loss in its sale of Intime, one of China's leading department store operators, as the e-commerce giant walks away from offline retailing to focus on its core businesses.

Alibaba Group said on Tuesday it would sell its Chinese department store unit Intime and book a $1.3 billion loss from the deal, as the retail giant reshuffles its business portfolio to focus on its core e-commerce operation.

Alibaba Group Holding Ltd. is nearing a deal to sell its department store business to Youngor Fashion Co. for around $1 billion, according to people familiar with the matter.

Alibaba, the Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology, announced selling Intime

ALIBABA Group said on Tuesday that it will sell its department store unit Intime to a consortium comprising textiles firm Youngor Fashion and some of Intime’s management for 7.4 billion yuan (S$1.38 billion).

Alibaba intends to sell Intime to a consortium comprising Youngor Fashion and members of Intime's management team. The deal, which is subject to regulatory approvals, is valued at 7.4 billion yuan ($1.