Suning.com spins off convenience-store chain Xiaodian
Suning.com has spun off its convenience-store subsidiary Suning Xiaodian as it refocuses on its department-store network and online business.
According to Caixin Global, Suning Xiaodian, also known as Suning Stores, has been taken over by Nanjing-based retail and technology services company Yunzhixiang.
The move took place without fanfare about the same time as Suning announced the acquisition of a controlling interest in the Carrefour China business last month.
Yunzhixiang, founded last October, is controlled by Suning International executive Zhang Kangyang, the son of Suning’s founder and chairman Zhang Jindong.
Caixin Global says Suning.com declined to comment on the change in Suning Xiaodian’s ownership structure.
The company has opened more than 5000 stores across China in the 18 months since its launch, a rapid rate of growth even by Chinese standards. However it has yet to turn a profit.