Wal-Mart vice-chairman Michael Duke said: 'Through this investment in Trust-Mart we have the opportunity to expand our presence in China, one of the world's fastest growing retail markets. This is an important step in bringing additional scale to our China retail business.'
Trust-Mart chairman John Yu said: 'This alliance positions Trust-Mart to offer even higher levels of customer service to Trust-Mart's loyal customers, as we benefit from Wal-Mart's expertise in logistics and operations. It will also give our suppliers new opportunities to expand in China and potentially become part of Wal-Mart's global vendor network.'
BCL runs 101 Trust-Mart retail stores in 34 cities in China and employs more than 31,000 staff. The outlets will continue to operate under the Trust-Mart name and both retailers plan to continue store expansion. Subject to certain conditions, Wal-Mart will control ownership in the future.
Wal-Mart was advised by Credit Suisse and Trust-Mart was advised by UBS.