SHANGHAI -- (Business Wire)
Wal-Mart Stores, Inc. (NYSE: WMT) today announced it has acquired the
outstanding shares in Yihaodian, taking full ownership of its
fast-growing e-commerce business in China. Wang Lu, president and CEO of
Walmart Global eCommerce in Asia, will lead Yihaodian as part of his
overall executive responsibilities.
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. Walmart, which previously held
approximately 51 percent of Yihaodian, acquired the remaining shares
from Ping An of China, a financial services group, and the co-founders,
former Chairman Gang Yu and former CEO 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 to ensure a smooth transition and contribute to the future
success of Yihaodian. Walmart’s planned investments are included in the
company’s previously announced e-commerce budget.
“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,” said Neil Ashe, president and CEO of Walmart
Global eCommerce. “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.
“We thank Gang and Junling for their entrepreneurship and innovation,
and for creating a world-class foundation and team to lead Yihaodian
going forward.”
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.
Wang Lu brings extensive experience in the digital space in China, with
a strong understanding of how consumers shop on the web and through
mobile. Prior to joining Walmart Global eCommerce, Wang Lu was
responsible for managing CBS Interactive in China, including the IT
group, Auto group, Women & Fashion group and Lifestyle group.
Previously, he served as Senior Vice President and head of China at CNET
Networks, the interactive content company, where he led the development
of market leading web properties including ZOL, X-Car and OnlyLady. He
earlier managed the China business for Ziff-Davis Media. Wang Lu has a
master’s degree/Executive MBA from Peking University, and a bachelor’s
degree from Beijing Union University.
Yihaodian and Ping An of China will maintain a commercial relationship
that includes joint marketing efforts.
As the founding shareholder of Yihaodian, Ping An of China has made
significant contributions to Yihaodian's early development. Ping An of
China said that after taking into account the Group's overall Internet
finance strategy, it has decided to transfer the entire stake it holds
in Yihaodian to Walmart. Ping An will continue its partnership with
Walmart and Yihaodian to seek cooperation opportunities for a strong
alliance in various areas in the future.
About Yihaodian
Yihaodian was founded in July 2008 with an aim to establish an online
supermarket that provides customers with a rich selection of quality
products and an excellent customer experience, in order to make their
daily lives easier. Yihaodian currently offers more than 8,000,000
products, covering 14 product lines including Food & Beverage, Imported
Food, Nutrition & Health Care, Personal Care, Mother & Baby Care, Home
Goods, Consumer Electronics, Clothing and Gift Cards.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better – anytime and anywhere – in retail stores, online,
and through their mobile devices. Each week, we serve nearly 260 million
customers who visit our 11,508 stores under 65 banners in 28 countries
and e-commerce websites in 11 countries. With fiscal year 2015 revenue
of $486 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 http://corporate.walmart.com
on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
and http://www.samsclub.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722006565/en/
Contacts:
Wal-Mart Stores, Inc.
Media Relations:
Dan Toporek,
1-800-331-0085
or
Investor Relations:
Carol
Schumacher, 479-277-1498
Source: Wal-Mart Stores, Inc.
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