Wal-Mart Stores Inc. is looking to further expand its reach into China.
The retail giant said Friday that it’s buying a minority stake in Chinese e-commerce company Yihaodian in a deal that is expected to close within 60 days.
Launched in 2008, Yihaodian sells groceries, consumer electronics, clothing and other items, and has an employee base of 2,000, according to Wal-Mart.
“Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years,” Eduardo Castro-Wright, vice chairman of Wal-Mart Stores and chief executive officer of Walmart global e-commerce and global sourcing. “By investing in Yihaodian, we’re continuing to establish a presence in this important e-commerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer.”
Wal-Mart, which has 8,986 doors globally, has 328 stores in China, according to a March 30 filing with the Securities and Exchange Commission.