The Chinese e-commerce giant JD.com is expanding its European footprint, a move that is raising concerns in France and prompting a scramble for control of retailer Fnac Darty. While JD.com aims to replicate its success in China, its path is complicated by geopolitical sensitivities and the existing dominance of established players like Amazon.
JD.com’s recent moves include launching its JoyBuy platform in several European markets and taking a stake in Fnac Darty. This follows similar expansions by other Chinese e-commerce companies like Shein and Temu, but has triggered a heightened level of scrutiny from French authorities, particularly in light of recent controversies surrounding Shein’s practices. The French government is wary of increasing Chinese influence in strategic sectors.
Founded in 1998 by Richard Liu, JD.com has grown to become the third-largest online retailer in China, generating nearly $160 billion in sales in 2024. Unlike many of its competitors, JD.com distinguishes itself through its control over its supply chain, owning its own stock and managing logistics directly. This approach, honed in the intensely competitive Chinese market, is seen as a key advantage as it expands internationally, particularly in addressing concerns about counterfeit or defective goods.
The situation surrounding Fnac Darty is particularly complex. Czech billionaire Daniel Křetínský, through his firm Vesa Equity Investment, currently holds approximately 28.3% of the company, giving him significant influence. He now faces a decision: increase his stake to maintain European control, or potentially sell a portion to JD.com. Adding another layer of complexity, Křetínský has launched a friendly takeover bid for Fnac Darty, potentially altering the trajectory of the deal.
JD.com’s expansion isn’t limited to France. The company launched a €2.2 billion public takeover bid for German electronics retailer Ceconomy in July 2025, securing 39.4% of the capital and backing from other shareholders holding nearly 25% of shares. This acquisition, if completed, would give JD.com control of nearly 1,000 MediaMarkt and Saturn stores across Germany, Spain, and Italy.
The drive for European expansion is, in part, a response to challenges in the Chinese market. While JD.com boasts 700 million active users in China, domestic consumption is stagnating, and the company faces fierce competition from rivals like Alibaba, Pinduoduo (the parent company of Temu), and Douyin (the Chinese version of TikTok). The company is diversifying into areas like clothing, pharmaceuticals, and food delivery, but many of these ventures are currently unprofitable.
JD.com’s logistical prowess is a key asset. The company has invested heavily in its supply chain, boasting over 3,600 warehouses in China and 40 automated hubs. This allows it to deliver 95% of orders within 24 hours. The company plans to add three million robots, one million autonomous vehicles, and 100,000 drones to its fleet in the next five years, further enhancing its efficiency.
However, success in Europe will require navigating a different regulatory landscape and catering to different consumer preferences. European regulations regarding competition, data privacy, and labor standards are more stringent than those in China. JD.com will need to compete directly with Amazon, which has been established in Europe for 27 years.
Geopolitical considerations also play a role. European policymakers are increasingly aware of the potential risks associated with relying on Chinese suppliers, particularly after experiencing disruptions in industries like solar energy and machine tools. The Chinese government’s control over its companies, and its expectation that they align with state interests, adds another layer of complexity.
Despite these challenges, JD.com appears determined to establish a significant presence in Europe. The acquisition of Ceconomy, if finalized, would provide a substantial foothold, with a network of 1,000 stores across multiple countries. The company’s expertise in logistics and artificial intelligence, combined with its financial resources, position it as a formidable competitor in the European retail market.
The situation surrounding Fnac Darty remains fluid, but the involvement of Daniel Křetínský adds an unpredictable element. JD.com’s success in Europe will depend on its ability to adapt to local conditions, navigate regulatory hurdles, and build trust with European consumers.
