Walmart bought the stake from founders Yu Gang and Liu Junling, as well as from Ping, an insurance group, bloomberg reports. The company also named Wang Lu, the president and chief executive officer of Walmart global ecommerce in Asia, to lead Yihaodian.
In 2014, the retailer closed some of its unprofitable stores while committing to open 115 others and invest CNY 370 million (USD 60 million) in renovating existing locations in 2015. Walmart previously acquired a 51% stake in the online retailer in 2012 when it sought to tap China’s ecommerce boom. Yihaodian, founded in 2008, sells online products ranging from imported infant formula and fresh vegetables to smartphones.
Yihaodian is ranked fifth in China’s internet retail market with a 2% share, trailing Alibaba Group, which has 44%, and second-place JD.com, with 14%, according to research firm Euromonitor International.
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