Walmart Buys Remaining Stake in Chinese Online Retailer Yihaodian
by July 23, 2015 8:02 am 140 views
Wal-Mart Stores Inc. has acquired the remaining 49 percent ownership stake in Chinese online retailer Yihaodian, hoping to capitalize on the country’s boom in online shopping.
Wang Lu, president and CEO of Walmart Global eCommerce in Asia, will lead Yihaodian as part of his overall executive responsibilities, according to a Walmart news release.
Walmart, which purchased 51 percent of Yihaodian in 2012, acquired the remaining shares from Chinese financial services group Ping An, and the Yihaodian co-founders, former chairman Gang Yu and former CEO Junling Liu.
Yihaodian has more thn 200 distribution centers in 40 Chinese cities.
The company and Ping An will maintain a commercial relationship that includes joint marketing efforts, according to the release.
Yihaodian was founded in 2008 and currently offers more than 8 million products. The company also has more than 100 million registered users.
Financial terms of the deal were not disclosed.