Monday, October 19, 2020

Alibaba buys all SunArt Shares!

 China's leading e-commerce company, Alibaba, has bought $ 3.6 billion worth of shares in SunArt, which operates hundreds of supermarkets in the country, which is also owned by French retail giant Auchan. In this regard, Alibaba now owns a 72% stake in the company.

This is because Alibaba wants to pioneer China's e-commerce sector as consumers begin to move towards online purchases such as buying groceries, fresh food, and healthcare products driven by the outbreak of Covid-19.

In addition, they also handed over 13 million square meters of retail space control in several cities across the country.

For everyone's knowledge, SunArt was introduced by Auchan in 2000 with Ruentex Group and has partnered with Alibaba in 2017.

In addition, Alibaba is alleged to have made changes to the supermarket by introducing an online grocery hub, tailored to the broader e-commerce goods business sector. As such, the supermarket chain can leverage the resources and technology of the Alibaba ecosystem.

In addition, the acquisition of SunArt is rumored to be able to realize the delivery of groceries within 30-60 minutes after being ordered through the Tmall Alibaba platform.