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Alibaba to bet big on small merchants for Singles Day with RMB 2 billion subsidies Credit: Alibaba
China’s e-commerce giant Alibaba is reportedly set to sell the grocery supermarket chain Freshippo and offline retailer RT-Mart, according to a Friday report by Reuters. This marks the latest news on the company’s potential sale of its non-core and loss-making businesses. However, the report added that these selling discussions are at an early stage, and Alibaba may not proceed further. Founded in 2015, Freshippo signifies the Taobao owner’s ambitious entry into offline supermarkets and has diversified into various business forms, including the membership-only X store and the budget brand Freshippo Outlets, boasting over 300 stores nationwide. The Hangzhou-based company’s loss-making units have frequently been rumored to be up for sale since new management came on board in September, as it aims to focus more on its core business of domestic e-commerce. Alibaba did not immediately reply to a TechNode comment request. [Reuters]
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