Shares of Kroger Co. spiked by 2.8 percent Tuesday after the Wall Street Journal reported the supermarket chain will start selling groceries in China via a partnership with e-commerce giant Alibaba.
It was reported that executives from the two companies began discussions about a possible partnership in late 2017.
The partnership is Kroger’s first move into overseas sales, though it is among several strategic moves the grocer has made this year. In addition, Kroger also announced a new home delivery service Kroger Ship earlier this month, as well as a partnership with Ocado and the purchase of the meal-kit company Home Chef.
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