Wal-Mart Stores Inc. of Bentonville said Sunday that will increase its investment in the holding company of Yihaodian, an online retailer in China, bringing its stake in the company to about 51 percent.
The deal is subject to Chinese government regulatory approval.
Launched in July 2008, Yihaodian offers more than 180,000 grocery, baby/mom, consumer electronics and apparel products. It has 5,400 employees and an existing logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.
The company also offers same-day and next-day delivery of essential daily items.
"This investment further enables Wal-Mart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smart phones and social media," Neil Ashe, president and CEO of Wal-Mart Global E-commerce, said in a news release.
"We are on track to create the next generation of e-commerce, offering the latest in online innovations to give our customers a unique shopping experience."
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