by Lance Turner
Posted 10/29/2012 09:28 am
Updated 2 years ago
Wal-Mart Stores Inc. of Bentonville has completed its purchase of additional ownership of Yihaodian, an online retailer in China. The world's largest retailer now has a 51 percent foothold in the company.
Walmart's funds injection will help Yihaodian continue its growth, and better positions Walmart to serve Chinese customers through ecommerce. Launched in July 2008, Yihaodian has been growing at a rapid pace in line with China's ecommerce market, which is expected to be nearly as large as that of the US by 2016.
Yihaodian already has 24 million registered users, and offers same-day delivery to customers in Beijing, Guangzhou and Shanghai, and next-day delivery to customers in over 100 cities in China.