Walmart Acquires Remaining Shares to Take Full Ownership of Yihaodian e-Commerce Business in China
July 22 2015 - 10:41PM
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.
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Wal-Mart Stores, Inc.Media Relations:Dan Toporek,
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