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Wal-Mart controls Yihaodian
By Lu Nengneng |
February 21, 2012, Tuesday
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Print Edition
Print Edition
WAL-MART Stores Inc, the world's largest retailer, will acquire a controlling stake in Yihaodian, a Shanghai-based e-commerce website, to tap China's online retail boom and to expand its presence in the world's second-biggest economy.
Arkansas-based Wal-Mart will increase its holding in Yihaodian to about 51 percent, it said in a statement yesterday without disclosing more details. The US retailer bought an unspecified minority stake in Yihaodian last year.
Neil Ashe, president and CEO of Wal-Mart Global eCommerce, said the increased investment in Yihaodian will enable Wal-Mart to further boost China's domestic consumption and advance its expansion into central and west China.
The new investment, which is subject to regulatory approval, may also help Yihaodian reach out to more Chinese consumers with wider offerings and boost its efficient delivery services after its sales more than tripled to 2.72 billion yuan (US$432 million) last year.
China's online retail sales jumped 55 percent to 806 billion yuan last year, Analysys International, a Beijing-based technology consulting firm, said in its latest report.
Founded in July 2008, Yihaodian sells groceries, consumer electronics, toys and clothing, with a logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.
The stake boost has been Wal-Mart's first big move in China since it unveiled Greg Foran as its new head of its China business two weeks ago.
Arkansas-based Wal-Mart will increase its holding in Yihaodian to about 51 percent, it said in a statement yesterday without disclosing more details. The US retailer bought an unspecified minority stake in Yihaodian last year.
Neil Ashe, president and CEO of Wal-Mart Global eCommerce, said the increased investment in Yihaodian will enable Wal-Mart to further boost China's domestic consumption and advance its expansion into central and west China.
The new investment, which is subject to regulatory approval, may also help Yihaodian reach out to more Chinese consumers with wider offerings and boost its efficient delivery services after its sales more than tripled to 2.72 billion yuan (US$432 million) last year.
China's online retail sales jumped 55 percent to 806 billion yuan last year, Analysys International, a Beijing-based technology consulting firm, said in its latest report.
Founded in July 2008, Yihaodian sells groceries, consumer electronics, toys and clothing, with a logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.
The stake boost has been Wal-Mart's first big move in China since it unveiled Greg Foran as its new head of its China business two weeks ago.
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