Wanda and Tencent join forces for omnichannel retail
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Dalian Wanda Group and Tencent Holdings Ltd will join forces to set up an internet technology firm, strengthening their position in retail.
Dalian Wanda, which Is the largest property developer in China, will own 51% of the venture and Tencent 42.48%, with the remaining 6.52% going to Gaopeng, a joint venture between Groupon and Tencent.
The project combines technology and brick-and-mortar retail and it is hoped that developing an omnichannel offering will help the businesses compete in New Retail, a space in which Alibaba is currently the world leader.
Questions & Answers
Q.What is the primary purpose of the new internet technology firm?
What is the primary purpose of the new internet technology firm?
The firm is being set up to combine technology and brick-and-mortar retail. It is hoped that developing an omnichannel offering will help the businesses compete in New Retail, a space where Alibaba currently leads.
Q.What is the ownership structure of this new venture?
What is the ownership structure of this new venture?
Dalian Wanda, the largest property developer in China, will own 51% of the venture. Tencent will hold 42.48%, and Gaopeng, a joint venture between Groupon and Tencent, will own the remaining 6.52%.
Q.Which company is considered the current market leader in the New Retail space?
Which company is considered the current market leader in the New Retail space?
The article states that Alibaba is currently the world leader in the New Retail space. The new internet technology firm aims to strengthen its position and compete more effectively within this market.