BENTONVILLE, Ark. (AP) — Wal-Mart Stores Inc. plans to buy a controlling interest in the fast-growing Chinese online retailer Yihaodian.
The big-box chain operator said Sunday that it has agreed to increase its stake in Yihaodian's holding company to approximately 51 percent.
Yihaodian sells more than 180,000 products, including groceries, electronics and apparel. It has expanded rapidly since it was founded in July 2008.
Wal-Mart eCommerce executive Neil Ashe said the deal improves Wal-Mart's access to Chinese consumers who use smartphones and social media to shop.
The financial terms of the deal were not disclosed. It still must be approved by Chinese government regulators.