What JD.com's Acquisition of MediaMarkt-Saturn Means for European E-Commerce

The Ceconomy Deal Extends JD's Influence Far Beyond MediaMarkt and Saturn

Towards the end of 2025, Chinese e-commerce giant JD.com secured a controlling stake in Ceconomy. By acquiring about 59.8% of its shares through a voluntary takeover offer, JD.com now controls roughly 85% of the company combined with its partner Convergenta's retained stake.

This makes JD the largest shareholder in one of Europe’s biggest consumer electronics retail groups. But that is not all.

As part of Ceconomy’s existing investments, the group holds a significant minority stake in French retailer Fnac Darty (around ~21-22 %). JD.com will indirectly gain influence over that share once the Ceconomy deal is completed.

In light of these developments, ECDB is interested in the tangible influence this will have on European electronics e-commerce.

JD Expands Its Reach Across European Electronics Online Markets

Taking into account all European markets in which Ceconomy and Fnac Darty operate through their various subsidiaries, JD.com’s controlling stake in Ceconomy and indirect minority influence in Fnac Darty would grant it access to these markets as well. Aggregating the current GMVs of all domains held by Ceconomy and Fnac Darty yields the following market shares:

• Top markets are Belgium (15%), Switzerland (12%) and Germany (10%).

• At 8% market shares are the Netherlands, France, and Italy.

• Following with 6% are Austria, Portugal and Spain.

Combined GMV Could Propel JD to a Top-Tier Position in European Electronics

In consequence, the combination of group GMV would lead JD.com to become the up to second-largest electronics e-commerce retailer in the respective European markets.

This reflects the sheer scale of its reach through both direct control of Ceconomy and indirect influence over Fnac Darty, potentially reshaping competitive dynamics and market share distribution across the region.

JD’s Expansion Positions It Alongside Europe’s Top Retailers

JD.com’s acquisition of Ceconomy, combined with its indirect influence over Fnac Darty, marks a significant expansion of Chinese e-commerce presence in Europe. By leveraging both direct control and minority stakes, JD.com gains access to multiple national markets. It therefore positions itself as one of the continent's top e-tailers in electronics.

Beyond boosting its market share, this move could change the competitive landscape, as European retailers may now face a well-funded newcomer capable of combining online and in-store operations across countries. JD.com is no longer a foreign investor in that way, but could become a major player in the region alongside other household names.