In an official statement, Walmart says it will take a 0.9% stake in Rakuten as the Japanese outlet continues to strengthen its ecosystem on a global scale. The deal comes almost three years after Rakuten and Walmart entered an alliance to reach users in Japan and the United States. As part of the partnership, the two firms launched the Rakuten Ichiba digital shopping mall that features U.S.-branded products. According to Walmart, the investment will help the company reap from future growth in the changing global retail ecosystem. Judith McKenna, President and CEO of Walmart International commented:
Rakuten’s new largest shareholder
Other investors include logistics firm Japan Post with a stake of 8.3% and tech company Tencent with a 3.6% stake. The share sale now makes the Japan Post Holdings the biggest shareholder in Rakuten outside the founding Mikitani family Rakuten aims to leverage on the deal to improve the corporate value and shareholder value. This is after the firm’s 2020 revenue grew by about 15% in 2020. Hiroshi Mikitani, Rakuten Chairman and CEO, states that: Rakuten currently operates over 70 businesses with an ecosystem consisting of various operations. Besides e-commerce, the company has ventured into internet services, travel, digital content, and FinTech services.
