Wal-Mart invests in Chinese ecommerce company
GDA Staff -- Gifts & Dec, May 13, 2011
Bentonville, Ark. - As part of its strategy to ramp up global ecommerce, Wal-Mart Stores Inc. will acquire a minority stake in the holding company of Yihaodian, a three-year old online retailer in China.
Yihaodian, launched in July 2008, offers next day delivery on more than 75,000 skus, including grocery, infant goods, consumer electronics and apparel. Its logistics network is based in Shanghai, Beijing and Guangzhou.
"Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years," said Eduardo Castro-Wright, vice chairman, Wal-Mart Stores, Inc. and ceo of Walmart Global eCommerce and Global Sourcing.
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