Alibaba hones in on home goods with new investment
kr-asia, Thursday, May 16, 2019
Alibaba has bought nearly RMB4.4 billion (USD633 million) in convertible bonds from Red Star Macalline, which upon conversion will give Alibaba an approximately 10% stake. In addition, Alibaba has acquired a 3.7% stake in Red Star Macalline through the latter’s publicly traded shares on the Hong Kong stock exchange.
The two companies will cooperate on selling furniture and home products online as well as on revitalizing department stores and shopping malls, with Alibaba providing technology support aligned with its “new retail” vision that integrates digital and physical channels.