BENTONVILLE, Ark., Feb. 19, 2012 /PRNewswire/ -- Wal-Mart
Stores, Inc. (NYSE: WMT) announced today that it has reached an
agreement to increase its investment in the holding company of
Yihaodian, a fast-growing eCommerce website in China, to bring Walmart's total ownership
stake to approximately 51 percent. Closing of the transaction
is subject to Chinese government regulatory approval.
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 and an existing logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, Yihaodian is serving a growing
customer base with same-day and next-day delivery of essential
daily items at competitive prices.
Neil Ashe, President and CEO of
Walmart Global eCommerce, said, "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. 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
continued. "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."
Gang Yu, co-founder and chairman of Yihaodian, said, "Walmart
not only brings us nearly 50 years of retailing experience and
history, but also innovative technology and eCommerce solutions
that will help us better meet our customers' needs. Their
excellence in supply chain will enable us to improve our customer
experience and operational efficiency."
Junling Liu, co-founder and CEO
of Yihaodian, said, "More than an investment of funds, Walmart will
share its knowledge and technology together with its best-in-class
practices in retail and transfer them to Yihaodian's existing
organization, leveraging these synergies with our local market
expertise to deliver enhanced product offerings, lower prices and a
better shopping experience for our customers."
Ruisheng Sheng, spokesperson for
Ping An Group, said, "Ping An
welcomes the investment from Walmart. We continue to be a strategic
investor in this exciting eCommerce business. With Walmart's and
Ping An's strategic partnership and
with the vision and leadership of the current management, we
believe that Yihaodian will better serve Chinese consumers."
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) serves customers and
members more than 200 million times per week at over 10,000 retail
units under 69 different banners in 28 countries. With fiscal year
2011 sales of $419 billion, Walmart
employs 2.1 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://walmartstores.com and on Twitter at
http://twitter.com/walmart. Online merchandise sales are available
at http://www.walmart.com and http://www.samsclub.com.
About Yihaodian
Launched in 2008, Yihaodian has become one of the leading
B2C e-commerce companies in China.
Offering more than 180,000 products, Yihaodian runs logistics
centers in Shanghai, Beijing, Guangzhou, Wuhan, and Chengdu, along with delivery stations in 34
cities across China.
Yihaodian is one of the fastest growing companies in
China, and has earned first
place for Deloitte Technology Fast500 Asia Pacific and first place for China
Entrepreneur Magazine's Future Stars of China Enterprises in 2011.
Through innovation, Yihaodian is committed to bringing its
customers a new lifestyle of one-stop online shopping and services
with superior experience. For more information, please visit
www.yihaodian.com.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd (Hong Kong Stock Exchange under
stock code "2318"& Shanghai Stock Exchange under "601318") was
established in 1988 in Shekou, Shenzhen. The Group is the first insurance
company in China to have a
shareholding structure. Today it has developed into an integrated
financial services conglomerate with three core businesses:
insurance, banking, and investment. Ping An was ranked No.147 in Forbes' Global 2000
league table, No.107 in The Financial Times Global 500 list, and
No.328 in Fortune Magazine's Global 500 Leading Companies ranking
and No.1 among China's non-State
owned enterprises. For more information please visit
www.pingan.com.
SOURCE Wal-Mart Stores, Inc.