Stake purchase
By Lu Nengneng |
August 26, 2011, Friday
|
Print Edition
Print Edition
WAL-MART Stores Inc has completed a stake purchase in Yihaodian, a web-based retailer, to extend its presence in China's e-commerce.
Both sides are now working together and will share the resources in goods supply, warehouse management and logistics, Yu Gang, president of Yihaodian, said in an interview with China Business News. No transaction details were disclosed.
Apart from the stake purchase, Wal-Mart is also planning to speed up its own online store opening after Wal-Mart Global Ecommerce unit set up its China e-commerce headquarters in Shanghai in June.
Founded in 2008, Shanghai-based Yihaodian sells groceries, consumer electronics, toys and clothing. It has more than 90 delivery centers in 27 cities on the Chinese mainland.
Both sides are now working together and will share the resources in goods supply, warehouse management and logistics, Yu Gang, president of Yihaodian, said in an interview with China Business News. No transaction details were disclosed.
Apart from the stake purchase, Wal-Mart is also planning to speed up its own online store opening after Wal-Mart Global Ecommerce unit set up its China e-commerce headquarters in Shanghai in June.
Founded in 2008, Shanghai-based Yihaodian sells groceries, consumer electronics, toys and clothing. It has more than 90 delivery centers in 27 cities on the Chinese mainland.
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