Alibaba to sell intime department stores for $1 billion amid restructuring

Alibaba Group said on Tuesday that it will sell its department store unit Intime to a consortium comprising of textiles firm Youngor Fashion and some of Intime’s management for 7.4 billion yuan ($1.02 billion).

The deal comes as Alibaba looks to shift focus from its dominance in China’s retail sector to its core e-commerce and cloud operations.