Google buys £414m stake in JD.com
By Ben Stevens - Jun 22nd, 11:19
China’s largest retailer JD.com has launched a $550 million (£414 million) partnership with Google which will see the former sell products through Google Shipping across the world.
Under the new partnership, the pair will pool their monumental technological resources to develop the “next generation” of retail solutions.
“We are excited to partner with JD.com and explore new solutions for retail ecosystems around the world to enable helpful, personalized and frictionless shopping experiences that give consumers the power to shop wherever and however they want,” Google chief business officer Philipp Schindler said.
The joint initiative will also see JD.com offer a curated selection of products available through the Google Shopping platform across “multiple regions”.
JD.com’s chief strategy officer Jianwen Liao added: “This marks an important step in the process of modernizing global retail. As we celebrate our June 18 anniversary sale, this partnership opens a new chapter in our history.”
Google received 27,106,948 newly issued shares in the Chinese retail giant for its £414 million contribution, at an issue price of $20.29 (£15.31) per share.
This comes just months after JD.com pledged its support to British businesses, announcing it will commit to selling £2 billion of goods from the UK to its Chinese consumers.
Over the next two to three years the online retail giant, which serves over one billion customers across China, will work with the Department of International Trade (DIT) to make it easier for UK companies to sell on its site.Retail Gazette
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