Chile's Falabella buys Mexican online retailer for $138 million

Chilean retailer Falabella announced the purchase of the Mexican online retailer Linio for $138 million. The acquisition aims to use online sales for the company's supermarkets.

Linio operates in eight countries, including Mexico, Venezuela, Panama and Colombia. In addition, it has offices in the United States and China.

"With this deal, our company is making progress toward its aim of being the leader online sales for the region," said Gaston Bottazzini, Falabella's general manager.