Industry

Alibaba Will Gradually Withdraw from Traditional Brick-and-Mortar Retail Industry

Feb 08, 2024, 12:16pm2024/02/08 12:16:45 Pandaily

On February 7th, during the Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />‘s financial report conference call, Chairman Joseph Tsai responded to the question regarding “selling non-core assets” by stating that since the beginning of the fiscal year 2024, within a span of 9 months, Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> has successfully divested $1.7 billion worth of non-core assets. They are also actively exploring options for exiting listed stocks and have established a dedicated team for this purpose.

“At present, Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> still has some traditional physical retail businesses on its balance sheet. These are not core focused businesses, so it is reasonable for Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> to exit them. However, considering the current market situation, the exit may take time to be realized.”

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