Google injects US$550m cash in JD.com
Print Edition
GOOGLE said it will invest US$550 million in cash in e-commerce giant JD.com to build up its alliance in China’s booming e-commerce landscape.
Google will get 27.1 million newly issued JD.com Class A ordinary shares as part of the deal, a stake of under 1 percent.
As part of a range of strategic initiatives between the two companies, they also plan to carry out joint development of retail solutions in China, Southeast Asia, the US and Europe.
“This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world,” said JD Chief Strategy Officer Liao Jianwen.
“This marks an important step in the process of modernizing global retail and also opens a new chapter for JD.”
By applying JD’s supply chain and logistics expertise and Google’s technology strengths, the two companies aim to upgrade retail infrastructure solutions.
“We are excited to partner with JD.com and explore new solutions for retail ecosystems around the world to enable helpful, personalized and frictionless shopping experiences that give consumers the power to shop wherever and however they want,” Google Chief Business Officer Philipp Schindler said in a statement.
Some JD products will also be available through Google Shopping in multiple regions, including the US and Europe.
JD said its annual sales event, which is comparable to Alibaba’s Singles Day shopping gala, kicked off on June 1 and reached 127.5 billion yuan (US$20.2 billion) in sales as of 00:10am on Monday.
Globalization has been a key strategy as JD also competes with Alibaba back in China.
Alibaba has set its footprint in a number of Asian countries and seeks to integrate its logistics infrastructure and other e-commerce capabilities.
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