News

Walmart buying largest Chinese e-retailer

February 22, 2012

Walmart Stores plans to buy a controlling stake in the fast-growing Chinese online retailer Yihaodian.

The retail giant will now hold about 51 percent, according to USA Today. The other financial terms of the deal were not disclosed.

Yihaodian, which sells more than 180,000 products, including groceries, electronics and apparel, has grown immensely since it was founded in July 2008. It has 5,400 employees and a next-day delivery network across Shanghai, Beijing, Guangzhou, Wuhan and Chengdu.

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