Alibaba to sell mall chain for $1 bln as part of latest overhaul

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Alibaba to sell mall chain for $1 bln as part of latest overhaul

Reuters12-17

Dec 17 (Reuters) - Alibaba Group on Tuesday said it would sell its department store arm, Intime, to textiles and clothing enterprise Youngor Fashion for gross proceeds of 7.4 billion yuan ($1.02 billion).

($1 = 7.2841 Chinese yuan renminbi)

(Reporting by roushni Nair and Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)

((Rishav.Chatterjee@thomsonreuters.com;))

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