Wal-Mart Stores has increased its investment in Chinese online retailer Yihaodian to take a controlling stake in the company.
Under the agreement, Wal-Mart Global eCommerce, the internet retail arm of Wal-Mart, will take a 51% stake in Yihaodian.
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The Chinese retailer offers more than 180,000 SKUs to consumers in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, Yihaodian and has achieved a “significant position” in online grocery sales, Wal-Mart said.
“This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smart phones and social media. We are on track to create the next generation of eCommerce, offering the latest in online innovations to give our customers a unique shopping experience,” Neil Ashe, president and CEO of Walmart Global eCommerce, said.
The deal is subject to regulatory approval. Financial details were not disclosed.
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