Alibaba Group Holdings Ltd. said Monday it has agreed to invest $692 million in Chinese department store operator Intime Retail in a bid to create “online to offline” retail opportunities.
Alibaba said it will buy a 9.9 percent equity stake in Intime for $214 million. The Web giant also said it will subscribe to $478 million worth of convertible bonds issued by Intime which, if converted, would translate to a stake of at least 25 percent in the company.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)