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China’s e-commerce giant Alibaba is expanding its brick-and-mortar empire

October 19, 2020

Via: Fortune

Chinese e-commerce giant Alibaba is doubling down on brick-and-mortar.

On Monday, Alibaba announced that it had doubled its stake in the Chinese retailer Sun Art to 72%, taking control of one of China’s largest big-box chains that sells groceries and other household goods.

“As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, [Alibaba’s] commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Daniel Zhang, CEO of Alibaba, said in a statement.

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