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Alibaba teams with appliance company for retail store concept

Published 12/22/2017, 08:21 AM
© Reuters.  Alibaba teams with appliance company for retail store concept
BABA
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  • Household appliance manufacturer Midea Group and Alibaba (NYSE:BABA) team up for a retail store concept featuring unmanned counters.
  • The high-tech Xiaomaigui stores will be located in Hefei, capital of Anhui province.
  • Midea Group holds 85% of the project with the managing team holding the remaining 15%. The group is considering venture capital investments for an initial round totaling $7.6M.
  • Alibaba will provide information security mobile payments, and cloud computing to the project.
  • Previously: Tencent buying 5% of Yonghui Superstores in latest retail move (Dec. 11)
  • Now read: JD.Com Vs. Alibaba: A Comparative Study


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