Wal-Mart invests in Chinese e-commerce firm
Wal-Mart invests in Chinese e-commerce firm
by NewsOnline Mon Dec 27, 2010 3:46 pm
Wal-Mart invests in Chinese e-commerce firm
SHANGHAI | Fri Dec 24, 2010 1:25am EST
(Reuters) - Wal-Mart Stores Inc, the world's largest retailer, has invested in China's top online seller of consumer electronics and communication products, in a push to extend its reach to more Chinese buyers.
Chinese online business-to-consumer (B2C) company 360buy Jingdong Mall secured $500 million in funding from six strategic partners, including Wal-Mart, a 360buy spokeswoman said on Friday.
Wal-Mart's investment amount was not disclosed but the company has been eager to tap into the pocketbooks of China's burgeoning middle class, and earlier this year launched in China an e-commerce site for its Sam's Club warehouse stores.
http://www.reuters.com/article/idUSTRE6BN0CG20101224
SHANGHAI | Fri Dec 24, 2010 1:25am EST
(Reuters) - Wal-Mart Stores Inc, the world's largest retailer, has invested in China's top online seller of consumer electronics and communication products, in a push to extend its reach to more Chinese buyers.
Chinese online business-to-consumer (B2C) company 360buy Jingdong Mall secured $500 million in funding from six strategic partners, including Wal-Mart, a 360buy spokeswoman said on Friday.
Wal-Mart's investment amount was not disclosed but the company has been eager to tap into the pocketbooks of China's burgeoning middle class, and earlier this year launched in China an e-commerce site for its Sam's Club warehouse stores.
http://www.reuters.com/article/idUSTRE6BN0CG20101224
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