Alibaba looks to invest $865 million in China home improvement chain

Alibaba Group Holding Ltd plans to buy a 15 per cent stake in a chain of Chinese home improvement and furniture stores as part of its pushing into “new retail,” the company said Sunday.

The e-commerce giant will invest about 5.45 billion yuan ($865 million) in Beijing Easyhome Furnishing Chain Store Group Co, and support the digital transformation of its 223 stores by applying Alibaba’s expertise in cloud and logistics platforms, it said in an emailed statement.

The deal adds to founder Jack Ma’s shopping spree in brick-and-mortar retailers that has shaken up supermarkets and department stores by linking Alibaba’s online business