News
STORES | Staff Reporter, China
view(s)

Alibaba buys controlling stake in Sun Art for $3.6b

Sun Art operates 481 hypermarkets and 3 supermarkets in China.

Alibaba Group is raising its stake in hypermarket operator Sun Art Retail Group to 72% for about $3.6b, the company revealed in a press release.

As part of the transaction, Alibaba will acquire 70.94% of equity interest in A-RT Retail from Auchan Retail International S.A. and its subsidiary. A-RT holds 51% of the equity interest in Sun Art.

Following the transaction, Alibaba will consolidate Sun Art in its financial statements. Additionally, Peter Huang has been appointed as the chairman of Sun Art in addition to his current role as chief executive officer.

In 2017, Alibaba Group, Auchan Retail and Ruentex Group announced a strategic alliance to digitalize and introduce New Retail solutions at Sun Art stores, including omnichannel integration and a more personalized customer experience.

As of 30 June, Sun Art operates 481 hypermarkets and three mid-size supermarkets in China, with a focus on strengthening its position through small and offline community stores.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.