BENTONVILLE, Ark.—Walmart has agreed to purchase a minority stake in Yihaodian, an e-commerce company based in China.
A Walmart statement said the transaction is expected to close in 60 days. Founded in July 2008, Yihaodian now offers more than 75,000 SKUs and services its customer base with next-day delivery of items at competitive prices, the statement said. Its logistics network is based in Shanghai, Beijing and Guangzhou.
Eduardo Castro-Wright, Walmart’s vice chairman and CEO of the retailer’s global e-commerce and global sourcing sector, said the deal will establish Walmart’s presence in the Chinese e-commerce market, where online sales are projected to match U.S. online sales in the next few years. It also moves Walmart forward toward its goal of becoming the leading multichannel retailer, Castro-Wright said.