With the announcement over the weekend, Walmart confirmed that its total ownership stake in the company is now approximately 51 percent.
Closing of the transaction is subject to Chinese government regulatory approval, Walmart says.
Launched in July 2008, Yihaodian offers more than 180,000 SKUs and has achieved a significant position in online grocery sales, as well as in categories such as baby/mom, consumer electronics and apparel.
With 5,400 employees, Yihaodian is serving a growing customer base with same-day and next-day delivery of various products.
“This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smart phones and social media,” says Neil Ashe, President and CEO of Walmart Global eCommerce. “We are on track to create the next generation of eCommerce, offering the latest in online innovations to give our customers a unique shopping experience.”
“We are very impressed with Yihaodian’s strong management team, solid competence in supply chain management and, like Walmart, they are committed to outstanding service to their customers,” Ashe added. “Our further investment in Yihaodian demonstrates that we are committed to investing in China in a key growth industry and developing all that goes with it: logistics, infrastructure, innovative talent and new technologies that will help China meet its development goals. In addition to contributing to China’s eCommerce goals, with our increased investment in Yihaodian, we are pleased to be able to further contribute to China’s domestic consumption, help stabilize prices, and advance expansion in the middle and western regions.”