€2.4bn stores chain Intime Retail bid by Alibaba

Alibaba is leading a bid to take department store chain Intime Retail private for as much as $2.6bn (€2.46bn), as China’s largest online retailer deepens its integration with brick-and-mortar stores.

The deal to buy out Intime adds to Alibaba’s burgeoning foothold in physical retail as it pursues growth beyond a slowing online business.

Control of Intime will also allow the e-commerce giant to explore ways to modernise a $4.5tn (€4.3tn) industry that hasn’t adapted well to the growing popularity of online shopping.