By Sarah Nassauer
Wal-Mart Stores Inc. said Tuesday the co-founders of its Chinese
e-commerce venture have announced their departures, putting a
central part of its China strategy in transition.
Yihaodian Chairman Yu Gang and Chief Executive Liu Junling, who
launched the company in 2008, are leaving to pursue their next
venture, Wal-Mart spokesman Dan Toporek said in a statement.
Wal-Mart, which holds a 51% stake in the company, said it remains
committed to Yihaodian and will look for new leaders.
"We are pleased with the success Yihaodian has had in China, and
will work to accelerate that growth," Mr. Toporek said. "We believe
Yihaodian has a very bright future."
Wal-Mart is leaning heavily on Yihaodian for its growth in
China. The world's largest retailer is pulling back on expanding
its brick-and-mortar presence in the region as Chinese shoppers
flock online.
Yihaodian, which means No. 1 Store, has begun expanding from its
early niche in online groceries, offering a wider array of products
including consumer products, appliances and apparel.
Write to Sarah Nassauer at sarah.nassauer@wsj.com
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