Wal-Mart, which previously held 51% of Yihaodian, announced on Thursday that it has taken full ownership of the company. Wal-Mart said with the acquisition it plans to invest in accelerating e-commerce and creating a seamless customer experience across online, mobile and stores.
"Yihaodian has excelled as one of China's top e-commerce businesses. We're excited about the team at Yihaodian and their strong local e-commerce experience." Neil Ashe, president and CEO of Walmart Global eCommerce, said in a statement.
"This local experience, combined with Walmart's global sourcing and our strong local retail presence and supply chain will allow us to deliver low prices on the products customers need in new and exciting ways. Our investment in Yihaodian is part of our long-term commitment to grow in China, and we look forward to continuing to play a positive role in the development of the e-commerce industry," he added.
Wal-Mart said it acquired the remaining shares of Yihaodian from financial-services group Ping An of China, and the company's co-founders, former Chairman Gang Yu and former CEO Junling Liu, who announced earlier this month that they are exiting Yihaodian.
Wal-Mart said Yihaodian will continue to operate under its existing name and will continue to have local leadership with an understanding of Chinese online consumers' needs.
Financial terms of the deal were not disclosed.
Yihaodian was founded in 2008. It sells more than 8 million products in 14 product categories including food and beverage, imported food, nutrition and health care, personal care, mother and baby care, home goods, consumer electronics and clothing and gift cards.