Spanish retail giant Corte Ingles in deal with Alibaba

Spain's top department store chain El Corte Ingles on Thursday announced a collaboration with Chinese e-commerce giant Alibaba.

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 (18 billion USD) last year, with consolidated net profits of 202 million euros, a 25 percent increase over the previous year.(AFP)