Walmart has fully acquired Chinese e-Commerce business Yihaodian, purchasing the remaining 49% stock. With full ownership of Yihaodian, Walmart plans to accelerate its e-Commerce presence into the Chinese market and streamline the consumer experience across its physical, online and mobile channels.
“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,” said Neil Ashe, President and CEO of Walmart Global eCommerce. “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.”
Yihaodian will continue operating under its existing name. Walmart, which previously held approximately 51% of Yihaodian, acquired the remaining shares from Ping An of China, a financial services group, and its Co-Founders, former Chairman Gang Yu and former CEO Junling Liu. Yihaodian and Ping An of China will maintain a commercial relationship that includes joint marketing efforts.
Advertisement
Wang Lu, President and CEO of Walmart Global eCommerce in Asia, will lead Yihaodian as part of his overall executive responsibilities. Prior to joining Walmart, Lu managed numerous divisions at CBS Interactive in China.
Lu also previously served as SVP and Head of China at interactive content provider CNET Networks, and earlier managed the Chinese business for Ziff-Davis Media. Lu holds a master’s degree/Executive MBA from Peking University, and a bachelor’s degree from Beijing Union University.
