JD has obtained final European approval to acquire Ceconomy, according to a LinkedIn post, which said the transaction will be completed within a few days. The deal amount was not disclosed in the sources.
Ceconomy is the parent company of MediaMarkt. According to the post, once the deal closes, JD will directly enter the European high-street market, where MediaMarkt operates.
The same post said Temu, Shein and TikTok Shop are putting pressure on the European market with competitive pricing, fast product development and advanced digital technologies. It said these Chinese players also have efficient supply chains, widely apply AI, and test new business models that challenge traditional retail.