(Financial Times) -- Walmart is taking a 51% stake in Yihaodian, a leading Chinese e-commerce website, in a significant move by the U.S. retailer to boost its online presence in China. Walmart did not disclose financial details for the partnership, which Neil Ashe, president and chief executive of Walmart Global e-commerce, said would help deliver a "superb customer experience" to consumers in China. "This is testament to how seriously Walmart is developing their e-commerce platform in China. Having a controlling stake obviously gives them a much more direct say in how Yihaodian expands," said Torsten Stocker, an analyst with the Monitor Group.
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Walmart has more than 350 stores in China
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It remains a relative novice in e-commerce in the United States
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Amazon leads the market there
Founded in 2008, Yihaodian is one of the fastest growing companies in @placeholder, selling more than 180,000 products ranging from grocery items to consumer electronics and apparel.