BANGKOK (Reuters) – JD.com Inc
The tie-up will help JD.com expand its overseas business beyond Indonesia to take on rivals Alibaba Group Holding
Each company will contribute $250 million to the venture.
“Working with Thailand’s strongest retail conglomerate, with a massive shopping mall and department store network, gives us a huge competitive advantage as we expand further into Southeast Asia,” JD.com CEO Richard Liu said in a statement.
JD.com will provide technology and logistics support to the venture, while Central will contribute with its merchant relationships, brand recognition, and customer insight collected through its loyalty programs.
Reuters reported in August JD.com was in advanced talks for the joint venture.
(Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri and Sunil Nair)