Walmart Stores announced its acquisition of a minority stake in Chinese e-commerce operator Yihaodian.Yihaodian was launched in July 2008 and offers more than 75,500 SKUs. Walmart said the company has achieved a "significant position" in on-line grocery sales as well as mother and baby, consumer electronics and apparel.
The firm offers "next-day delivery of essential everyday items at competitive prices", the US retail giant said.
Eduardo Castro-Wright, Walmart's executive chairman and CEO of Walmart global eCommerce and global sourcing, added: "We are excited about this investment. On-line sales in China are growing rapidly and are projected to match US on-line 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."
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