Wal-Mart Stores Inc said on Monday it has reached an agreement to raise its stake in a Chinese e-commerce firm, Yihaodian, to around 51 percent as the world's largest retailer aims to boost its presence in China's fast growing consumer market.
Walmart announced in May last year it planned to buy a minority stake in Yihaodian, a Chinese website selling consumer items and groceries.
Walmart said in a news release that the fresh investment into Yihaodian will take its stake to around 51 percent and will be subject to government regulatory approval. Walmart did not provide any financial details to the deal.
"Our further investment in Yihaodian demonstrates that we are committed to investing in China in a key growth industry and developing all that goes with it: logistics, infrastructure, innovative talent and new technologies...," Neil Ashe, President and CEO of Walmart Global eCommerce, said in the statement.
Yihaodian, with 5,400 staff, operates a logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu. It serves a growing customer base with same-day and next-day delivery of essential daily items at competitive prices.
The announcement came weeks after Wal-Mart named an industry veteran, but a relative newcomer... Source/Origin >> Read More
