JD.com Eyes Over 18 Billion Yuan Acquisition of UK E-commerce Platform: Third Attempt to Expand in Britain via M&A

[Ebrun Original] May 30, News. According to recent reports from UK media, JD.com is evaluating a potential acquisition offer for the British online retail platform The Very Group, with a transaction value estimated at approximately ￡2 billion (around RMB 18.2 billion). This marks JD.com's third attempt to enter the UK market via acquisition.

The company had previously encountered two setbacks: in 2024, it considered acquiring the UK electrical goods retailer Currys, but the deal ultimately did not materialize; last year, JD.com also engaged in negotiations with the UK supermarket group Sainsbury's to acquire its retail brand Argos, but similarly abandoned the plan.

Regarding the latest acquisition rumors, a JD.com spokesperson declined to comment, and The Very Group also stated it would not comment on the related reports.

It is worth noting that The Very Group is currently controlled by the private equity giant Carlyle Group. As early as January this year, there were reports that Carlyle was seeking to sell the asset for around ￡2 billion—just months after it had gained controlling interest.

The Very Group describes itself as "one of the UK's largest online retailers and flexible payment service providers." Its latest disclosed data for the 2024/25 fiscal year shows annual revenue of approximately ￡2.1 billion, an active customer base between 4.2 and 4.4 million, over 43 million items delivered annually, and a platform featuring around 2,000 brands.

In addition to retail, the company also operates payment and credit services. According to foreign media analysis, this integrated "retail + finance" model has natural synergy with JD.com's own business ecosystem.

In fact, JD.com's longstanding determination to enter the UK market is well-documented.

Just earlier this month, Matthew Nobbs, the UK business head of JD.com's cross-border retail platform Joybuy, publicly stated, "We are here to shake up the UK e-commerce market." He added, "I think all merchants are our competitors." This statement reflects JD.com's expansion ambitions in the European market.

Joybuy's promotional campaign launched in the UK last month, with its first TV advertisement directing a large audience to its website. Currently, the platform offers over 50,000 products in the UK, covering well-known brands such as Apple and Sony, as well as Morrisons groceries. Across Europe, it provides over 200,000 products, with brands like Lego and L'Oréal having opened dedicated storefronts.

In terms of logistics, Joybuy has introduced a "Double 11" policy—promising same-day delivery for orders placed before 11 a.m. and next-day delivery for orders placed before 11 p.m. It has also established its UK headquarters in London's Victoria area and currently employs around 1,000 staff.

Moreover, acquiring leading local platforms is a key component of JD.com's overall European strategy.

Last month, Joybuy launched simultaneously in five European markets, including France, Germany, and the Netherlands. Supporting this expansion is JD.com's ?2.2 billion acquisition of the German consumer electronics retailer Ceconomy. This deal will not only bring JD.com over 1,000 stores across 12 countries but will also grant it approximately a 20% stake in the French retail giant Fnac Darty—which operates more than 1,500 electronics and entertainment goods stores.

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