BENTONVILLE, Ark., May 13, 2011 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT) announced today that it has reached an agreement to acquire a minority stake in the holding company of Yihaodian, a fast-growing eCommerce company in China. The transaction is expected to close within 60 days.
Launched in July 2008, Yihaodian offers more than 75,000 SKUs and has achieved a significant position in online grocery sales, as well as in categories such as baby/Mom, consumer electronics and apparel. With 2,000 employees and an existing logistics network based in Shanghai, Beijing, and Guangzhou, Yihaodian is serving a growing customer base with next-day delivery of essential daily items at competitive prices.
Eduardo Castro-Wright, vice chairman, Wal-Mart Stores, Inc. and CEO of Walmart Global eCommerce and Global Sourcing, said, "We are excited about this investment. Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years. By investing in Yihaodian, we're continuing to establish a presence in this important eCommerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer."
Wan Ling Martello, executive vice president, Global eCommerce, Emerging Markets, said, "We are very impressed with Yihaodian's strong management team, solid competence in distribution and outstanding service to their customers. We have been equally impressed by the fact that their values are consistent with ours. We very much look forward to working closely with them going forward."
Gang Yu, co-founder chairman of Yihaodian, said, "We are very excited about Walmart's investment in Yihaodian. Walmart brings its global vision into our business. In addition, its supply chain excellence will help us gain a competitive edge in the eCommerce industry in China."
Junling Liu, co-founder and CEO of Yihaodian, said, "We are thrilled that Walmart has chosen to invest in Yihaodian. Walmart brings tremendous knowhow and best practices in retail that will help us to better serve our customers in China. We are well on our way to creating a modern lifestyle for our customers. "
About Wal-Mart Stores, Inc.
Wal-Mart Stores, Inc. (NYSE: WMT) serves customers and members more than 200 million times per week at 8,986 retail units under 60 different banners in 15 countries. With fiscal year 2011 sales of $419 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com and www.samsclub.com