Spanish retail giant Corte Ingles in deal with Alibaba
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| Debt-riddled Spanish department store chain El Corte Ingles announced a partnership deal with Chinese e-commerce giant Alibaba AFP/aaron tam, GABRIEL BOUYS |
Under the deal El Corte Ingles ("The English Cut"), currently present only in Spain and Portugal, will be able to sell its products worldwide through Alibaba platforms like Tmall and AliExpress.
For its part AliExpress - an e-commerce platform offering smaller-quantity orders and instant online transactions - will gain "physical spaces" in Corte Ingles stores to create "new and attractive buying experiences" and move into the Spanish market.
AliExpress will also be able to pick up products bought online at the stores.
"We are looking forward to joining forces with them to provide consumers in China and worldwide with the greatest products and experience," said
Rodrigo Cipriani Foresio, the Alibaba group's managing Director for Spain.
The debt-riddled Spanish retailer posted turnover of 15.9 billion euros (US$18 billion) last year, with consolidated net profits of 202 million euros, a 25 per cent increase over the previous year.
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