China's e-commerce behemoth Alibaba has bought a controlling $3.6 billion stake in SunArt which runs hundreds of hypermarkets on the mainland for French shopping giant Auchan.
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(FILES) This file photo taken on February 5, 2020 shows a woman jogging in front of the Alibaba headquarters in Hangzhou, some 175 kilometres (110 miles) southwest of Shanghai. - China's e-commerce behemoth Alibaba has bought a controlling 3.6 billion USD stake in SunArt which runs hundreds of hypermarkets on the mainland for French shopping giant Auchan. (Photo by Noel CELIS / AFP)
2020-10-19 14:15:31
China's e-commerce behemoth Alibaba has bought a controlling $3.6 billion stake in SunArt which runs hundreds of hypermarkets on the mainland for French shopping giant Auchan.
The move to take a 72 percent holding in SunArt tightens Alibaba's grip on China's vast e-commerce sector as it looks to soak up the new customers pushed online to buy groceries, fresh food and healthcare products by the coronavirus.
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