Retail in Asia

In Trends

Walmart completes deal with Chinese e-commerce company

Wal-Mart Stores Inc. announced the completion of its increased investment in a fast-growing Chinese e-commerce company, as the world’s largest retailer looks to broaden its access to a rapidly growing customer base.

The US retailer said on Friday that Walmart now has a stake of about 51 percent in the Yihaodian holding company.

Yihaodian has been in business for less than four years. It sells more than 180,000 products ranging from groceries to electronics to clothing. Walmart said that Yihaodian already has 24 million registered users, and offers same-day delivery to customers in Beijing, Guangzhou and Shanghai and next day delivery to customers in more than 100 cities in China.

(Source: CNBC)