Home / Knowledge / News / Apparel/Garments / Walmart takes over Yihaodian e-commerce business in China
Walmart takes over Yihaodian e-commerce business in China
23
Jul '15
Wal-Mart Stores, Inc. has announced that it has acquired the outstanding shares in Yihaodian, taking full ownership of its fast-growing e-commerce business in China. Wang Lu, president and CEO of Walmart Global e-commerce in Asia, will lead Yihaodian as part of his overall executive responsibilities, Walmart said in a statement.

With full ownership of Yihaodian, Walmart plans to invest in both accelerating e-commerce and creating a seamless experience for customers across online, mobile and stores.

Walmart, which previously held approximately 51 per cent of Yihaodian, 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. The two co-founders announced earlier this month that they are leaving Yihaodian, and will continue to serve as chairman emeritus and strategic executive advisor respectively to ensure a smooth transition and contribute to the future success of Yihaodian. Walmart's planned investments are included in the company's previously announced e-commerce budget, the statement said.

“Yihaodian has excelled as one of China's top e-commerce businesses. We're excited about the team at Yihaodian and their strong local e-commerce experience,” said Neil Ashe, president and CEO of Walmart global e-commerce. “This local experience, combined with Walmart's global sourcing and our strong local retail presence and supply chain will allow us to deliver low prices on the products customers need in new and exciting ways.”

Yihaodian will continue operating under its existing name and will maintain its focus on having strong local leadership with a clear understanding of the needs of online consumers in China.

Wang Lu brings extensive experience in the digital space in China, with a strong understanding of how consumers shop on the web and through mobile. Prior to joining Walmart Global eCommerce, Wang Lu was responsible for managing CBS Interactive in China, including the IT group, Auto group, Women & Fashion group and Lifestyle group.

Yihaodian and Ping An of China will maintain a commercial relationship that includes joint marketing efforts. (SH)

 

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search