By Jiahui Huang
Walmart has teamed up with Meituan for its delivery services, the U.S. retail giant's latest effort to boost its e-commerce business in China.
The retailer has formed a strategic partnership with Meituan, and its goods will be available on the Chinese delivery company's app, Walmart's China unit said in a WeChat post on Tuesday.
The move could help Walmart accelerate its e-commerce business in China, which accounts for nearly half of its sales in the country, it said.
As of October, Walmart had 332 retail units in the country, of which 49 are its members-only Sam's Club stores, which have been popular among Chinese middle-class families.
The collaboration with Meituan came months after the U.S. retailer sold its stake in Chinese e-commerce company JD.com for $3.6 billion.
Meituan, a dominant player in the Chinese food-delivery market, has enjoyed strong earnings momentum after returning to an annual profit last year. Its shares in Hong Kong closed 0.6% lower on Tuesday but have nearly doubled this year.
The Beijing-based shopping-and-delivery platform has a strong consumer base in the country and provides various services, including food delivery, ticket booking and hotel reservations.
Last month, Walmart reported that its third-quarter net sales in China rose 17% from a year earlier to $4.9 billion thanks to strong growth during Chinese holidays.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
December 17, 2024 05:51 ET (10:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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