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Retail shares up after Wal-Mart China deal

VIDEO1:3801:38, Wal-Mart announce partnership

Shares of were higher after it said Monday that it is entering a strategic partnership with Wal-Mart in China.'s stock was initially halted on the news and later reopened up about 9 percent before paring those gains slightly. It ended the day up more than 4 percent. Wal-Mart shares were slightly higher. will now control the brand, website and app for e-commerce platform Yihaodian, while Wal-Mart will retain the subsidiary's direct sales business. Richard Liu, CEO of, said in a statement that he looks forward to "further developing" the brand, citing its regional strength in eastern and southern China.

The deal also increases the accessibility of Sam's Club China, as the brand will open a flagship store on

"Sam's Club's unique, high-end product selection meets the demand from China's increasing affluent consumers for high-quality, imported products and has already proven popular in the Chinese cities where it has stores," Liu said.

Wal-Mart will also receive about 5 percent of total shares outstanding in

Doug McMillon, president and CEO of Wal-Mart, said that the two companies share similar values, calling a "very complementary business and ideal partner."

"We also look forward to offering customers a tremendous number of quality imported products not previously widely available in China through Walmart and Sam's Club," McMillon said in a statement. shares intraday performance

Source: FactSet