Alibaba Group announced it will sell its department store unit, Intime, to a consortium led by textiles firm Youngor Fashion and some of Intime's management for 7.4 billion yuan ($1.02 billion).
The sale, part of Alibaba's restructuring strategy, follows Intime's struggles amid a decline in Chinese consumer spending postCovid-19.
Alibaba expects to incur a 9.3 billion yuan loss on its initial investment in Intime.
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