JD.com considers takeover bid for UK electronics retailer Currys as China’s e-commerce giants look overseas

Beijing-based JD began life as an online white goods merchant and electronics remains a key area for the company. JD said in its statement that there is “no certainty that any offer will ultimately be made”.

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Under UK takeover rules, Elliot – which already owns Waterstones bookshops in the UK – has until 5pm on March 16 to make a renewed offer for Currys or announce it is walking away.

Li Chengdong, founder and analyst at e-commerce consultancy Dolphin, said an acquisition of Currys by JD would allow the Chinese firm to “step up its branding and sales channels” in overseas markets.

If a deal transpires, it would mark a resumption of JD’s efforts to expand overseas after its withdrawal from Southeast Asian markets Indonesia and Thailand in early 2023, seen as a setback by analysts.

Amid rising competition at home from short-video platforms such as ByteDance’s Douyin, JD founder Liu has hit out at the e-commerce firm’s recent management and performance, calling for people to step up before there is “no way out”.

The takeover bid fits a template for JD, after it acquired domestic electronics chain Five Star Appliance in 2020 to explore the integration of online and offline sales.

Currys operates about 300 stores with 15,000 staff in the UK, and also has significant operations in Ireland and Nordic markets.