Sichuan-based convenience store chain Wowo signed a strategic cooperation agreement with Baishi Group under which Wowo will seek accelerated development with Baishi's full support in capital, management, and technology.
Financial terms of the strategic investment were not released by either party.
A representative from Wowo said that the company only operated owned stores in Chengdu in the past. With the strategic cooperation with Baishi, they will implement nationwide development throughout China and expand their stores through both self-owned operation and franchising. Relying on Baishi's mature logistics system, they will be able to provide the last mile experience to consumers.
The cooperation is expected to improve Wowo's various areas such as product volume, warehouse distribution, and store facilities to promote Wowo's development and operational improvement.
Wowo opened its first store in Chengdu on November 21, 2005 and it is one of the first convenience store chains that established 24-hour stores in Chengdu. By April 2017, Wowo had developed nearly 300 stores in Chengdu.
Baishi Group was founded in 2007 and the group has built four major business pillars, including an information technology platform, financial platform, logistics network, and last mile service network. The group has seven major business units, covering cloud computing, supply chain, express delivery, express transport, finance, international business, and store business.