JD.com, a Chinese e-commerce company, and JIC, a Chinese investment company, completed the acquisition of a 22.36% stake in Lagardere Travel Retail, a travel retail company, for $111m. "We are very pleased to announce this strategic alliance with prestigious partners which will be transformative for our operations in China and will benefit our global travel retail network through increased digitalization, omni-channel shopping experiences and best practices in supply chain management. Beyond commercial opportunities, Lagardère Travel Retail and JD.com have a shared commitment to making positive contributions to society through inclusiveness and sustainability which makes this partnership even more meaningful," Dag Rasmussen, Lagardere Travel Retail Chairman and CEO.