Wal-Mart to buy stake in web retailer
Source: Bloomberg News |
May 14, 2011, Saturday
|
Print Edition
Print Edition
WAL-MART Stores Inc, which started selling groceries online in China in November, agreed to buy a stake in web-based retailer Yihaodian in an expansion of its Internet offerings in the world's second-biggest economy.
The purchase of the unspecified minority stake in the holding company of Shanghai-based Yihaodian is expected to close within 60 days, the Arkansas-based Wal-Mart said.
The company didn't disclose the transaction price, or earnings or revenue for closely held Yihaodian, which sells groceries, consumer electronics, toys and clothing.
Wal-Mart, the world's biggest retailer, is adding online operations to make up for slowing growth at its US stores. Wal-Mart is also speeding up store openings in China, where it had 329 outlets at the end of the fiscal year in January.
The US company's Sam's Club warehouse-club chain started Wal-Mart's online operations in China with a range of 6,000 items.
Business in China generated US$7.5 billion in revenue for Wal-Mart during the year, Scott Price, chief executive officer for Asia, said in March. That amounts to 1.8 percent of Wal-Mart's US$422 billion global sales.
Yihaodian.com was started in 2008 and has more than 1,000 suppliers to offer over 100,000 products.
The purchase of the unspecified minority stake in the holding company of Shanghai-based Yihaodian is expected to close within 60 days, the Arkansas-based Wal-Mart said.
The company didn't disclose the transaction price, or earnings or revenue for closely held Yihaodian, which sells groceries, consumer electronics, toys and clothing.
Wal-Mart, the world's biggest retailer, is adding online operations to make up for slowing growth at its US stores. Wal-Mart is also speeding up store openings in China, where it had 329 outlets at the end of the fiscal year in January.
The US company's Sam's Club warehouse-club chain started Wal-Mart's online operations in China with a range of 6,000 items.
Business in China generated US$7.5 billion in revenue for Wal-Mart during the year, Scott Price, chief executive officer for Asia, said in March. That amounts to 1.8 percent of Wal-Mart's US$422 billion global sales.
Yihaodian.com was started in 2008 and has more than 1,000 suppliers to offer over 100,000 products.
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