Wal-Mart has acquired the outstanding shares in Yihaodian, taking full ownership of its e-commerce business in China.
It plans to invest in both accelerating e-commerce and creating a seamless experience for customers across online, mobile and stores.
Wang Lu, president and CEO of Walmart Global eCommerce in Asia, will lead Yihaodian, whichwas founded in July 2008, and offers more than 8,000,000 products, covering 14 product lines including food & beverage, personal care, home goods, and consumer electronics.
Neil Ashe, president and CEO of Walmart Global eCommerce, said: “Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry.”
Wal-Mart previously held some 51 per cent of Yihaodian, and acquired the remaining shares from Ping An of China, a financial services group, and the co-founders, former chairman Gang Yu and former CEO Junling Liu.