August 12, 2015 / 1:34 PM / 2 years ago

Macy's to set up China online store on Alibaba's Tmall Global

Aug 12 (Reuters) - Alibaba Group Holding Ltd said it had signed an agreement with the Chinese joint venture of Macy’s Inc to set up the U.S. retailer’s online store on its online marketplace, Tmall Global.

The deal will make Macy’s the first U.S. department store chain to join Tmall Global, Alibaba said on Wednesday.

Macy’s said it would own 65 percent in the joint venture, Macy’s China Ltd, with Hong Kong-based retailer Fung Retailing Ltd. (Reporting by Subrat Patnaik in Bengaluru; Editing by Kirti Pandey)

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