Alibaba Group Holdings has said that it will be raising its ownership in the Sun Art Retail Group by investing a reported $3.6 billion. Sun Art Retail Group has 481 hypermarkets and three supermarkets in China. The investment is bound to help the retail group improve its digital presence as part of this investment.
As the customers continue to shift online with the corona pandemic, the move to invest in the retail group will help it target the online customers. Alibaba has been steadily working on increasing its presence in the traditional offline retail sector lately.
Alibaba already owns 21% of Sun Art. The latest investment will take its stake in the company to up to 72%. “As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” said Alibaba Chairman and CEO Daniel Zhang. Alibaba has further announced that Peter Huang will be appointed as the chairman of Sun Art Retail Group.
Sun Art’s shares grew more than 27% on the news of the investment.
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