April 6, 2018
Walmart Stores has acquired the outstanding shares in Yihaodian, taking full ownership of the Chinese e-commerce giant.
Walmart, which previously held approximately 51 percent of Yihaodian stock, acquired the remaining shares from financial services group Ping An of China and the co-founders, former chairman Gang Yu and former chief executive officer Junling Liu.
The two co-founders announced earlier this month that they are leaving Yihaodian, and will continue to serve as chairman emeritus and strategic executive advisor, respectively. Wang Lu, president and chief executive officer of Walmart Global E-Commerce in Asia, will now lead Yihaodian as part of his overall executive responsibilities.
Prior to joining Walmart Global E-Commerce, Wang Lu managed CBS Interactive in China. Previously, he served as senior vice president and head of China at interactive content company CNET Networks.
With full ownership of Yihaodian, Walmart plans to invest in both accelerating e-commerce and creating a seamless experience for customers across online, mobile and stores. Yihaodian will continue operating under its existing name and will maintain its focus on having strong local leadership with a clear understanding of the needs of online consumers in China.
“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,” says Neil Ashe, president and chief executive officer, Walmart Global E-Commerce. “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."
Read more about:Walmart
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