Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
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Wal-Mart is also growing online sales internationally, company executives said today. Fernando Madeira, president of global e-commerce for Latin America, said that the company’s Brazilian e-commerce site, Walmart.com.br has doubled revenue in the past year and increased traffic by three times. He said there are now 12 million visitors to the site each month, though he did not disclose sales. He said the Brazilian site’s redesign will launch this week, and that the site will increase its SKU count this year from 40-60,000 to 1 million. Wal-Mart also operates e-commerce sites in Argentina, Chile and Mexico, though Brazil is the biggest in volume.
Yihaodian, the Chinese online retailer in which Wal-Mart owns a 51% stake, is drawing double the traffic this year than last, Ashe said. He said Wal-Mart is using its global reach to expand the assortment Yihaodian offers, for example bringing in Danish cookies from Asda in the U.K. He also said Yihoadian now sells 90,000 units a day of imported milk, an item much in demand among Chinese consumers concerned about contamination of domestic milk.
Shanghai-based Yihoadian mainly sells fast-moving consumer goods and has focused on China’s biggest cities, but now it is moving into second-tier cities, Ashe said. Like many of its online rivals in China, Yihaodian has promised same-day delivery in big cities, and Ashe said that the Chinese company recently became the first to guarantee delivery within a two-hour window to customers in Shanghai.