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Alibaba Invests $867 Million in Furniture Retailer, Easyhome

Alibaba Invests $867 Million in Furniture Retailer, Easyhome
From WWD - February 11, 2018

HONG KONG--Leading Chinese e-commerce company Alibaba Group announced a5.45 billion renminbi--or $867 million at current exchange--investment into Beijing Easyhome Furnishing China Store Group Co.,yet another offline retail tie-up as the firm chases its goal of creating a "new retail" experience.The owner of Tmall and Taobao will leverage Easyhome's223 stores across the country, the latest strategic tie-up in order to offer consumers a seamless omnichannel experience. In November last year, it spent $2.88 billion to acquire 36.2 percent of Chinese hypermarket operator Sun Art Retail and $2.6 billion for department store chain Intime Retail last January.Founded in 1999, Beijing-headquartered Easyhome is the second largest home improvement supplies and furniture chain operator in China. As of December last year, it had recorded sales of over 60 billion renminbi or $9.54 billion.Rival JD.com and its owner Tencent have also been busy snapping up offline assets. Last week, Tencent struck a deal with Wanda, paying $5.38 billion for a 14 percent share of one the country's largest mall developers.

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