Home / Knowledge / News / Information Technology / Walmart increases investment in Chinese eCommerce firm
Walmart increases investment in Chinese eCommerce firm
21
Feb '12
Wal-Mart Stores Inc announced that it has reached an agreement to increase its investment in the holding company of Yihaodian, a fast-growing eCommerce 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.

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, Yihaodian is serving a growing customer base with same-day and next-day delivery of essential daily items at competitive prices.

Neil Ashe, President and CEO of Walmart Global eCommerce, said, "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. We are on track to create the next generation of eCommerce, offering the latest in online innovations to give our customers a unique shopping experience."

"We are very impressed with Yihaodian's strong management team, solid competence in supply chain management and, like Walmart, they are committed to outstanding service to their customers,"

Ashe continued. "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. In addition to contributing to China's eCommerce goals, with our increased investment in Yihaodian, we are pleased to be able to further contribute to China's domestic consumption, help stabilize prices, and advance expansion in the middle and western regions."

Gang Yu, co-founder and chairman of Yihaodian, said, "Walmart not only brings us nearly 50 years of retailing experience and history, but also innovative technology and eCommerce solutions that will help us better meet our customers' needs. Their excellence in supply chain will enable us to improve our customer experience and operational efficiency."

Junling Liu, co-founder and CEO of Yihaodian, said, "More than an investment of funds, Walmart will share its knowledge and technology together with its best-in-class practices in retail and transfer them to Yihaodian's existing organization, leveraging these synergies with our local market expertise to deliver enhanced product offerings, lower prices and a better shopping experience for our customers."

Ruisheng Sheng, spokesperson for Ping An Group, said, "Ping An welcomes the investment from Walmart. We continue to be a strategic investor in this exciting eCommerce business. With Walmart's and Ping An's strategic partnership and with the vision and leadership of the current management, we believe that Yihaodian will better serve Chinese consumers."

Wal-Mart Stores Inc

Must ReadView All

Apparel/Garments | On 1st Mar 2017

CMAI's Apparel Index for Q3 shows lowest growth at 1.4 pts

CMAI’s Apparel Index for the third quarter FY 2016-17 shows that the...

Courtesy: Carter

Apparel/Garments | On 1st Mar 2017

Kidswear retailer Carter’s acquires Skip Hop Holdings

US headquartered kidswear retailer Carter’s said it has acquired Skip ...

Courtesy: Lectra

Information Technology | On 1st Mar 2017

Lectra makes new strategy for fashion in Industry 4.0 era

Lectra, the world leader in integrated technology solutions, has...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search