Chinese online discount retailer Vipshop Holdings has announced that it has entered into a share purchase agreement to acquire 100 percent of the capital and equity interests in Shan Shan Commercial Group.
Vipshop will pay over a total of RMB2.9 billion to Shan Shan owner Ningbo Xingtong Chuangfu Equity Investment Partnership and the deal was closed at signing.
“We are delighted to have reached an agreement to acquire Shan Shan Outlets,” said Eric Shen, Chairman and Chief Executive Officer of Vipshop. “This represents another milestone in our efforts to explore online and offline integration in our core business. Through this highly strategic transaction, we will gain presence in the offline outlet business in China, which further enhances our ecosystem and fortifies our leading position in China’s discount retail segment. We look forward to working with the Shan Shan Outlets team and welcoming them to the Vipshop family.”