Walmart, the world's largest retailer, has aounced that it will sell off its Chinese e-commerce venture, Yihaodian, to Chinese rival JD.com.
JD.com, based in Beijing, is China's second largest e-commerce company, profiting around $28 billion in 2015. The deal, worth some $1.5 billion, will see Walmart getting a 5 percent stake in JD.com in exchange for Yihaodian, China's largest online retailer specialising in groceries.
The move by Walmart comes as Weste companies, like Apple, are getting more aggressive about making in-roads into China, the world's largest economy. E-commerce in particular is big business in the country -- industry leader Alibaba clocked in over $14 billion in revenue in just one day last November.
Yihaodian was launched in 2008 by former Dell China executives in the midst of a tech boom in The People's Republic that saw the rise of companies like Alibaba, Baidu and TenCent. Walmart first invested in Yihaodian in 2012 before buying the company outright in 2015.
The decision to sell Yihaodian was purely strategic, according to a statement from Walmart. It gives Walmart a powerful new ally with which to crack the increasingly competitive Chinese market and opens the way for Walmart goods to be sold via JD.com's online chaels.
"We're excited about teaming up with such a strong leader in JD.com, and the potential that this new relationship creates for customers in China, as well as for our businesses, "said Doug McMillon, president and CEO of Walmart.
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نویسنده: استخدام کار