January 13, 2017: Alibaba is making a bid to buy out department store chain Intime Retail Group Co. for as much as $2.6 billion.

Alibaba Group is principally engaged in online and mobile commerce through offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in the People’s Republic of China as well as internationally.

By teaming up with retailers, billionaire founder Jack Ma hopes to develop a new model of online and offline retail.

Apart from Intime, Alibaba has also bought into two other Chinese companies — Suning Commerce Group Co. and Haier Electronics Group.