Walmart has announced that it has increased its stake in Chinese online giant JD.com, just months after first signing a deal with the group.
The latest move sees Walmart’s stake in JD.com grow to 10.8%, from 5.9% earlier. No financial details of the deal were disclosed, nor was a specific timeframe offer.
Walmart picked up the initial stake in June, through a move that saw it sell its Yihaodian online shop to JD.com. The US giant noted: ““The stepped-up investment in JD has been part of our plan, as we continue to be a passive investor. We believe this strategic alliance will help us grow e-commerce even faster in China.”