[Techtaffy Newsdesk]
Wal-Mart has reached an agreement to increase its investment in the holding company of Yihaodian, an e-commerce website in China, to bring Walmart’s total ownership stake to approximately 51 percent. Closing of the transaction is subject to Chinese government regulatory approval.
Neil Ashe (President and CEO, Walmart Global e-commerce): 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.
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 that will help China meet its development goals.
Launched in July 2008, Yihaodian offers more than 180,000 SKUs and has achieved a significant position in online grocery sales, as well as in categories such as baby/mom, consumer electronics and apparel. With 5,400 employees and an existing logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, and offers same-day and next-day delivery of essential daily items.