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Reuters
Published
May 13, 2011
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Wal-Mart to buy stake in China e-commerce company

By
Reuters
Published
May 13, 2011

May 13 - Wal-Mart Stores Inc said on Friday it would buy a minority stake in Chinese e-commerce company Yihaodian, a step in the world's largest retailer's move to grow its online business.

Wal-Mart
Entrance to Wal-Mart store in Florida, USA

Financial terms were not disclosed. the deal is expected to close within 60 days, Wal-Mart said.

Yihaodian offers more than 75,000 items, including groceries, consumer electronics and apparel. The company has operations in Shanghai, Beijing and Guangzhou.

The Yihaodian investment fits into two goals for Wal-Mart -- expanding online and internationally. Wal-Mart Chief Executive Mike Duke has stressed the company's focus on those areas as the company's U.S. sales at stores open at least a year have fallen for several quarters.

(Reporting by Brad Dorfman, editing by Gerald E. McCormick)

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