Alibaba set to sell Intime for $1 billion to Youngor Fashion

Alibaba (NYSE:BABA ) Group Holding Ltd. is on the verge of finalizing a deal to divest its department store chain, Intime, to Youngor Fashion Co. for approximately $1 billion. Sources close to the matter, who have requested anonymity due to the private nature of the discussions, indicate that the announcement of the sale could occur within the next few days.

The potential sale comes as part of Alibaba's strategic pivot under its new leadership, which has been in effect since last year. The company is honing its focus on its primary e-commerce and cloud-computing businesses. This move follows Alibaba's acquisition of Intime in 2017 for nearly $2.6 billion.

Earlier this year, Alibaba reportedly reached out to multiple prospective buyers, a process that was covered by Bloomberg News in February. Despite the advanced stage of negotiations, it's important to note that the discussions are still ongoing. As such, there remains a possibility that the duration of the talks could extend, or the deal might not come to fruition.

As of now, both Alibaba and Youngor have not provided official comments on the matter when approached for a response.

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Source: Investing.com