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After the deal, Air China will put more of its resources on its passenger aviation business to improve its competitiveness.
China Railway Express Co, would hold a 55 percent stake in the joint venture, while S.F. Holding would hold the remaining share.
85 Degrees, which has 628 stores in mainland China, was hit by calls for a boycott on Chinese social media after Taiwan President Tsai Ing-wen was photographed on Sunday visiting one of its Los Angeles stores during her visit to the United States.
The company had in April sold part of its stake in Azul to a subsidiary of United Airlines’ parent United Continental Holdings for $138.3 million.
The company comprises of two businesses and is partly owned by JD.com.
The companies will collaborate across businesses within the Alibaba group, including delivery platform Ele.me, supermarket chain Hema, online retailers Tmall and Taobao, and mobile and online payment platform Alipay.
Juneyao Airlines and its controlling shareholder Juneyao Group are expected to own more than 5 percent stake in China Eastern
Cainiao Smart Logistics Network will take a 51 percent stake in the joint venture.
The investment would be Alibaba’s third in a Chinese courier after it bought minority stakes in YTO Express and Best Inc.
The deal was brokered by Pony Ma, chief executive of Tencent Holdings, a backer of both companies.