JD.com is preparing to place a bid worth approximately £2 billion for The Very Group, the British online retail company that operates the Very and Littlewoods ecommerce platforms. The move, if completed, would represent one of the most significant entries by a Chinese technology giant into the United Kingdom’s retail sector and would mark the latest step in JD.com’s broader campaign to establish a dominant presence across European ecommerce. The Chinese company had previously explored acquisitions of the British retail chains Currys and Argos, but those negotiations collapsed last year. Attention has now shifted to The Very Group, a business whose mail-order origins stretch back more than a century and which has been quietly repositioning itself as a digital-first retailer. Neither JD.com nor The Very Group has commented publicly on the speculation.
JD.com’s European ambitions take shape after earlier setbacks
JD.com’s interest in The Very Group follows a pattern of determined, if occasionally thwarted, expansion efforts in Europe. The company spent much of last year evaluating potential acquisitions of Currys and Argos, two of the UK’s most recognisable retail names. Both deals ultimately fell through, underscoring the complexity of cross-border retail consolidation and the difficulty of aligning valuations and strategic priorities across different markets. The Very Group now presents a different kind of opportunity. Unlike Currys, which has a heavy bricks-and-mortar presence, or Argos, which operates a hybrid network of stores and digital channels, The Very Group is fundamentally an online operation. Its two platforms, Very and Littlewoods, serve millions of customers across the UK through a model that blends traditional retail purchasing, private-label brands, and concession-style partnerships with external labels. That structure aligns well with JD.com’s own operational strengths, which centre on digital commerce, logistics efficiency, and platform-based retailing.
Investment firm Carlyle, which only recently took control of The Very Group, is reportedly looking to divest the company at a valuation of around £2 billion. That figure is notably close to the retailer’s annual revenue, which reached £2.1 billion in the 2024/25 financial year. While revenue declined compared with the prior year, profitability improved markedly, suggesting that cost discipline and operational streamlining are beginning to pay off. For JD.com, acquiring a business with that scale and trajectory would provide an immediate, substantial foothold in the UK’s online retail market.
How The Very Group fits into JD.com’s broader strategy
The potential acquisition must be understood within the context of JD.com’s wider international expansion strategy. The Chinese company has been systematically building out its presence in Europe through a combination of acquisitions, platform launches, and logistics infrastructure investments. The Very Group is not an isolated target; it is one piece of a multi-front effort to create a cohesive European commerce ecosystem.
JD.com has already emerged as the buyer of Ceconomy, the German retail group that owns MediaMarkt and Saturn, two of Europe’s largest consumer electronics chains. That acquisition is well advanced, though not yet finalised. MediaMarkt and Saturn generate a growing share of their sales online, partly driven by the rapid expansion of MediaMarkt’s marketplace, which has seen gross merchandise value increase by 90 percent. The acquisition of Ceconomy gives JD.com control over a vast network of physical stores, online platforms, and supply chain assets across Germany and other European markets. Adding The Very Group would extend that reach into the UK, giving JD.com a dual-anchor presence in two of Europe’s largest ecommerce markets.
The strategic logic goes beyond market access. JD.com has been quietly building its European logistics arm, Jingdong Logistics, which reportedly doubled in size last year. The company’s European network now includes more than sixty warehouses and depots for local storage, order fulfillment, and rapid delivery. With greater control over inventory and distribution across the continent, JD.com is positioning itself to compete more aggressively with Asian ecommerce rivals such as Alibaba, Shein, and Temu, all of which have been expanding their own logistics capabilities and customer bases in Europe.
Joybuy and JoyExpress as the operational backbone
JD.com has also been expanding its European presence through its own platforms. The company recently launched Joybuy, an ecommerce platform aimed at European consumers, alongside JoyExpress, a delivery service designed to handle last-mile logistics. Over time, JoyExpress is expected to manage ecommerce deliveries for MediaMarkt and Saturn, integrating JD.com’s logistics technology with the retail operations of the German chains. If the Very Group acquisition proceeds, the same logistics infrastructure could be extended to handle deliveries for Very and Littlewoods as well. JoyExpress is already active in the United Kingdom, making that transition technically and operationally feasible.
The potential for JD.com to take over all of The Very Group’s logistics would represent a significant shift in how the British retailer operates. Currently, The Very Group manages its own fulfillment and distribution, but a deal with JD.com could give it access to a far more extensive and technologically advanced logistics network. That could translate into faster delivery times, lower costs, and greater scalability, all of which are critical in an increasingly competitive online retail environment.
What is driving JD.com’s European expansion?
The driving force behind JD.com’s European expansion is the need to offset slowing growth in its domestic market and to build a genuinely global commerce platform. China’s ecommerce market, while still enormous, has become intensely competitive, with Alibaba, Pinduoduo, and younger players like Douyin all vying for market share. International expansion offers JD.com a way to tap into new revenue streams and to reduce its dependence on a single market.
Europe, in particular, offers a fragmented but high-value retail landscape where no single player dominates online commerce to the same degree that Amazon does in the United States or that Alibaba does in China. That fragmentation creates openings for well-capitalised entrants with strong logistics capabilities. JD.com’s strategy mirrors the approach it has used successfully in China: build or acquire the infrastructure, integrate the platforms, and then use operational efficiency to drive growth. The Very Group, with its established brand, customer base, and digital infrastructure, fits neatly into that blueprint.
The competitive landscape and JD.com’s positioning
JD.com’s moves in Europe also need to be seen in the context of intensifying competition among Asian ecommerce platforms. Alibaba has long had a presence in Europe through its AliExpress platform, while Shein and Temu have exploded in popularity by offering ultra-low prices and aggressive marketing. All three have been investing heavily in logistics and local warehousing to improve delivery speeds and customer service.
JD.com is attempting to differentiate itself by focusing on quality, reliability, and logistics excellence rather than competing solely on price. The company’s model in China has always emphasised authentic products, fast delivery, and a controlled marketplace, and it is bringing that same ethos to Europe. By acquiring established retailers like Ceconomy and potentially The Very Group, JD.com gains not just customers and revenue but also trust and brand recognition, which are harder to build from scratch.
The integration of JoyExpress and Jingdong Logistics into these acquired businesses could give JD.com a logistical edge over rivals that rely more heavily on third-party carriers. In the UK, where last-mile delivery is dominated by Royal Mail, Evri, and DPD, a well-funded logistics operation with its own infrastructure could offer faster and more reliable service, particularly in urban areas.
Risks and challenges ahead
Despite the strategic logic, the acquisition of The Very Group carries significant risks. Cross-border acquisitions in retail are notoriously difficult to execute, and JD.com has already experienced setbacks with the Currys and Argos deals. Integrating The Very Group’s operations, technology, and culture into JD.com’s broader European structure will require careful management and substantial investment.
There are also regulatory considerations. The UK’s competition authorities have become more vigilant about foreign acquisitions in sectors considered strategically important, and a deal of this size is likely to attract scrutiny. JD.com’s status as a Chinese state-affiliated company, given its founding by Richard Liu and its governance structure, could add an additional layer of political complexity. The UK government has shown an increasing willingness to intervene in transactions that raise national security or competition concerns, particularly in technology and data-related sectors.
The Very Group’s financial performance also merits close attention. While profitability has improved, revenue has declined, and the company operates in a highly competitive segment of the UK retail market. JD.com will need to invest in growth to reverse that trend, and the returns on that investment may take years to materialise.
What the deal would mean for UK ecommerce
If the acquisition goes through, it would reshape the competitive dynamics of UK online retail. The Very Group currently competes with the likes of Amazon, Next, Marks & Spencer, and a host of specialist retailers. JD.com’s backing would give it access to deeper capital reserves, advanced logistics technology, and a global supply chain that few domestic competitors can match.
For consumers, the deal could mean faster delivery, a wider product range, and potentially lower prices as JD.com leverages its scale to drive efficiencies. However, it also raises questions about data privacy, market concentration, and the long-term direction of a British retail institution falling under foreign ownership. The Very Group’s platforms hold a significant amount of customer data, and how that data is managed and protected would be a key concern for regulators and consumer advocates alike.
JD.com’s trajectory in Europe is accelerating, and the potential acquisition of The Very Group represents a pivotal moment in that journey. The company has identified Europe as a critical growth market and is assembling the pieces needed to compete at scale. Whether it can successfully integrate these acquisitions, navigate regulatory hurdles, and deliver on its promise of logistics-led ecommerce excellence remains to be seen. What is clear is that JD.com is no longer a peripheral player in European ecommerce; it is becoming a central one, and its next moves will be closely watched by competitors, regulators, and consumers across the continent.
