US retail giant Wal-Mart is planning to buy a minority share in Chinese online retail business Yihaodian, in a bid to gain a stronger foothold online and in the fast-growing China retail market, reports Reuters.
The deal is expected to close within 60 days, Wal-Mart told Reuters on Friday. Financial terms were not disclosed.
The investment fulfills Wal-Mart's goals to expand online and internationally, the report said.
Yihaodian, launched in 2008 and with operations in Shanghai, Beijing and Guangzhou, sells over 75,000 items, including groceries, electronics and clothes.
Wal-Mart Stores vice chairman Eduardo Castro-Wright said China's online sales are projected to match US online sales in the next few years.
According to comScore Inc, US online retail spending jumped 10 per cent to US$142.5bn in 2010.
Wal-Mart has opened 333 stores in China since it entered the market in 1996.
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