Chinese e-commerce giant JD has completed its 1.335-billion-euro ($1.5 billion) acquisition of a controlling stake in German electronics retailer Ceconomy.
JD said on Thursday that it had acquired 59.8 percent of Ceconomy's shares and voting rights for 1.335 billion euros, making the German group a subsidiary whose financial results are being consolidated into JD's accounts since Nov 12. Together with the 25.3 percent stake retained by its partner Convergenta, the companies hold a combined 85.2 percent of Ceconomy.
JD CEO Sandy Xu said in a statement that the two companies shared a vision of building Europe's leading next-generation consumer electronics platform.
"We can now start to implement our vision and bring it to life," Xu said, adding that the partnership would support Europe's innovation and competitiveness.
Under the agreement, Ceconomy will continue operating as a standalone business in Europe with an independent local technology infrastructure. No changes are planned to its workforce, employee agreements or store locations.
Ceconomy, one of Europe's largest consumer electronics retailers, operates more than 1,000 stores across 11 European markets under brands including MediaMarkt, Saturn and MediaWorld. It employs more than 50,000 people and had over 53 million loyalty program members and 2.2 billion customer contacts in 2025.
Howard Yu, LEGO professor of management and innovation at Switzerland's IMD business school, said that the acquisition could reshape JD's competitive position in Europe by combining its Joybuy online marketplace with Media-Markt's extensive physical store network.
Such integration could create an omnichannel retail model that differentiates JD from Amazon, combining online shopping with established brick-and-mortar stores and local customer relationships, Yu said.
The deal also reflects a shift in Chinese companies' approach to international competition, he said, with businesses increasingly competing through local assets, compliance with European regulations and better services rather than relying primarily on low prices.
JD has stepped up its European expansion in recent years.
In March, the company officially launched Joybuy in Britain, Germany, France, the Netherlands, Belgium and Luxembourg, offering consumer electronics, household appliances, groceries and everyday products, backed by its own logistics network and fast delivery services.
The company has established more than 60 warehouses and delivery depots in Europe, laying the groundwork for a more extensive retail operation.
The acquisition also illustrates a broader evolution in China's international business expansion, as companies seek to move from exporting goods to integrating their technology, supply chains and operational expertise into overseas markets.
Jiang Han, a senior researcher at market consultancy Pangoal, said: "The significance of the move goes beyond acquiring a network of European retail outlets. Taking a controlling stake while retaining a European shareholder and relying on Ceconomy's established local management represents a more pragmatic model for Chinese companies seeking to integrate into overseas markets."
He said that rather than simply replicating its Chinese business model abroad, JD could gradually introduce its technology and supply chain capabilities into an established European retail operation, reducing some of the challenges associated with cross-border acquisitions.
On Nov 3, the European Commission conditionally approved the transaction, following an investigation into potential market distortions linked to subsidies received by JD. Under the approval, JD must conduct transactions with Ceconomy on market terms and offer third-party retailers access to its warehousing, logistics and technology services on the same terms as those provided to Ceconomy.
The commitments will remain in force for 10 years and be monitored by an independent trustee under EU supervision.
