Getting physical: An Alibaba employee walks through a communal space at the company’s headquarters in Hangzhou. Alibaba has spent billions acquiring slices of brick-and-mortar retail chains, seeking to broaden its reach in an attempt to use its technology to modernise physical commerce. — AFP
HANGZHOU: Alibaba Group Holding Ltd agreed to buy as much as a 9.99% stake in Dufry AG, giving the Swiss duty-free giant a lifeline as the pandemic hammers the business.
Dufry said it’s proposing a capital increase that will raise up to 700 million Swiss francs (US$763mil), and Alibaba will participate.
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