JD.com teams up with Central Group for Thailand venture

China’s JD.com and the Thai retail conglomerate are teaming up to “reshape Thailand’s online retailing and finance landscapes”. In a statement issued today (15 September), JD.com said that half of the $500m investment for the new venture will come from Central Group, and the remainder from JD.com, JD Finance and Provident Capital (which is also JD.com’s strategic partner for its Indonesian e-commerce business).

JD.com said that Central Group will “leverage its immense retail resources, including its physical store network, which will serve as key omni-channel and payment locations”.

Furthermore, added JD.com, Central Group will “open multiple flagship stores on the e-commerce platform for its department stores and key retail chains, as well as for select brands owned or operated by Central Group”.

Richard Liu, JD.com’s Chairman and CEO, commented: “Thailand’s large population and developed infrastructure, including strong national logistics networks, give it tremendous potential for both e-commerce and fintech services.

“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.”