CHINA: Wal-Mart takes stake in e-commerce firm
Wal-Mart wants to become "leading global multi-channel retailer"
Wal-Mart Stores announced today (13 May) its acquisition of a minority stake in Chinese e-commerce operator Yihaodian.
Yihaodian was launched in July 2008 and offers more than 75,500 SKUs. Wal-Mart said the company has achieved a "significant position" in online grocery sales as well as mother and baby, consumer electronics and apparel.
It has some 2,000 employees and a logistics network based in Shanghai, Beijing and Guangzhou. The firm offers "next-day delivery of essential everyday items at competitive prices", the US retail giant said.
Wal-Mart's executive vice president of global e-commerce in emerging markets, Wan Ling Martello, said the retailer is "very impressed" by Yihaodian's "strong" management team, "solid competence" in distribution and "outstanding service to customers".
Eduardo Castro-Wright, Wal-Mart's executive chairman and CEO of Wal-Mart global eCommerce and global sourcing, added: "We are excited about this investment. Online sales in China are growing rapidly and are projected to match US online sales in the next few years. By investing in Yihaodian, we're continuing to establish a presence in this important eCommerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer."
Wal-Mart entered China in 1996 and operates some 333 stores under its Supercenter, Sam's Club, Neighborhood Markets and Trust-Mart formats in the country.
Companies: Wal-Mart Stores
Sam Webb discusses emerging markets and consumer confidence with Tobias Wasmuht, international retail and marketing director of Spar International, as well as managing director of Spar China, having l...
The challenge of operating in emerging markets came into focus this week, with Wal-Mart facing fresh questions over its business in China and Danone insisting it can put its recent troubles in Russia ...
PepsiCo's strategic options grabbed the headlines this week, with the company insisting it was not considering plans to split in two and then 48 hours later being linked to a yoghurt venture with Germ...
Wal-Mart Stores has decided to freeze its capital expenditure in its upcoming financial year as it looks to make its spending "more productive"....
- just-food 2017 Survey - your thoughts on growth
- 2017 - what will shape the UK food sector?
- Food market in 2017: need-to-know US trends
- Food market in 2017: big foodservice trends
- Could BRF's Turkey move pave way for OneFoods IPO?
- Ferrero insists Nutella not pulled from shelves
- UK's Bakkavor plays down IPO "speculation"
- PepsiCo launches Walkers Mediterranean in UK
- Mondelez plans "selective" UK price hikes
- Unilever sets packaging target