Wal-Mart this morning announced that it intends to acquire a minority stake in the holding company of Yihaodian, a massive B2C ecommerce company based in China. The transaction is expected to close within 60 days, the retail giant says.
Launched in July 2008, Yihaodian offers more than 75,000 products ranging from clothing to grocery to consumer electronics. Less than 3 years after launch, the company boasts a whopping 2,000 employees and logistics operations in Shanghai, Beijing, and Guangzhou.
The size of the investment was not disclosed.
Walmart last month acquired social media technology provider Kosmix, and just over a year ago acquired online movie service Vudu.
Worth noting: Facebook, Groupon and Zynga investor DST recently joined a group of investors who’ve put hundreds of millions of dollars into Yihaodian rival 360buy.com.
Wal-Mart’s overall impact on the retail industry and beyond has changed the way business is conducted globally, and increased consumer benefits regardless of where they shop. From raising tax revenues and lowering overall pricing on goods, to boosting customer traffic at surrounding stores and creating new jobs, Wal-Mart takes every opportunity to be a good neighbor and to provide economic advancements in communities it serves throughout the world.
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