Walmart China has acquired full ownership of ecommerce business Yihaodian, of which it previously owned a 51 per cent stake.
Current president and CEO of Walmart Global ecommerce in Asia, Wang Lu, will lead Yihaodian as part of the retailer’s plans to offer a “seamless experience for customers across online, mobile and stores,” the company 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 ecommerce in a company statement. “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.
“Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry.”
Walmart purchased the remaining stake off Chinese financial services group Ping An and Yihaodian cofounders Gang Yu and Junlin Liu, who both announced their departures earlier this month.
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