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Alibaba to Buy 15% Stake in Chinese Furniture Retailer
Chinese e-commerce giant Alibaba said it plans to take a 15% stake in Easyhome, a Chinese furniture retailer that has 229 stores throughout the country.
The investment will cost Alibaba 5.45 billion yuan, or about $866 million.
Alibaba said the investment will support the digital transformation of the stores by supplying its expertise in cloud and logistics platforms.
"From home design to refurbishment projects, the two parties will provide customers with end-to-end home improvement solutions," the company said.
Easyhome, officially known as Beijing Easyhome Furnishing Chain Store Group, has stores in a variety of Chinese provinces, autonomous regions and municipalities.