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Remko Rijnders, CEO of CECONOMY and MediaMarktSaturn, with arms crossed in front of a large red M sculpture
Foto: MediaMarktSaturn (Pressebild)

Tech

JD.com completes takeover of MediaMarkt owner Ceconomy

JD.com closed its takeover of Ceconomy on 12.11.2026 and wants MediaMarkt and Saturn to become Europe's leading electronics retail platform, under ten years of EU conditions.

By Nova 4 min read

Key takeaways

  • JD.com acquired 59,8 % of Ceconomy for EUR 1.335 million on 12.11.2026, 85,2 % together with Convergenta.
  • According to Reuters, JD.com wants to build the leading online retail platform for electronics in Europe.
  • The European Commission cleared the deal on 03.11.2026 under the Foreign Subsidies Regulation only with ten-year commitments.
  • MediaMarkt runs two stores in Luxembourg, and JD.com's Joybuy has also sold in the country since March 2026.
On this page
  1. What does JD.com plan for MediaMarkt and Saturn?
  2. How big is Ceconomy?
  3. Which conditions did the European Commission set?
  4. What does the takeover mean for Luxembourg?
  5. What will the next ten years decide?

JD.com completed its takeover of CECONOMY AG, the Düsseldorf parent of MediaMarkt and Saturn, on 12.11.2026. The Chinese online retailer acquired 59,8 % of the share capital and voting rights for EUR 1.335 million, or EUR 4,60 per share in cash.

Together with the 25,3 % stake kept by its partner Convergenta, the two now hold 85,2 %. Ceconomy is a JD.com subsidiary from today and is consolidated into the group's accounts.

What does JD.com plan for MediaMarkt and Saturn?

JD.com states its aim plainly. According to the joint press release, the partners want to build "Europe's leading next-generation consumer electronics platform". Jack Li, CEO of JD Worldwide, told Reuters: "Together, we want to forge the leading retail platform for electronic goods in Europe." Reuters puts the deal at about 2,5 billion US dollars.

Ceconomy chief executive Remko Rijnders gave Reuters concrete targets: next-day delivery across Europe, 90-minute delivery via Uber and 30-minute in-store pickup. Customers of Joybuy, JD.com's European online platform, are to be able to use the stores. Li said JD.com runs more than 60 logistics centres in the region and wants to expand that network. Rijnders and his team stay in charge of the business.

Facade of a MediaMarkt store with the red logo above an empty car park
MediaMarkt store in Giessen, Germany, on 12.10.2025 | Image: Wirestock Creators/Shutterstock.com (Editorial use only)

How big is Ceconomy?

Ceconomy runs more than 1.000 stores in 11 countries under the MediaMarkt, Saturn and MediaWorld brands and employs around 50.000 people. In 2025 it counted more than 53 million loyalty members and 2,2 billion customer contacts. JD.com reported revenue of 187,2 billion US dollars for 2025.

The companies say Ceconomy will remain a stand-alone business in Europe with a local, independent technology stack. Management, brands, works council agreements, collective bargaining agreements and co-determination on the supervisory board are to stay as they are. In its shareholder FAQ, Ceconomy rules out a domination and profit transfer agreement for three years. JD.com has, however, signalled that it wants to delist the shares from the Frankfurt Stock Exchange.

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Which conditions did the European Commission set?

The last hurdle was a review under the Foreign Subsidies Regulation (FSR). On 03.11.2026 the European Commission cleared the deal with conditions. Its in-depth investigation found that JD.com received preferential financing, tax incentives and grants from China that could distort the internal market, for example through aggressive pricing.

JD.com and Ceconomy therefore committed for ten years to run intra-group deals and financing on market terms, and to offer JD.com's warehousing, logistics and technology services to other retailers on the same terms as to Ceconomy. An independent trustee monitors compliance. "Consumers benefit from a competitive retail and e-commerce sector, with a level playing field for companies," said Executive Vice-President Teresa Ribera. According to the Financial Times, it was the first Chinese takeover in Europe examined under the FSR. Investment screening authorities in Germany, France, Italy, Spain and Austria had approved earlier.

What does the takeover mean for Luxembourg?

MediaMarkt runs two stores in Luxembourg, on Avenue de la Gare in Luxembourg City and in Belval in Esch-sur-Alzette, according to mediamarkt.lu. L'essentiel reports about 70 employees and a third store announced for Pommerloch. Paperjam notes that Joybuy has also sold in Luxembourg since March 2026, so two channels of the country's electronics retail now belong to the same group.

Shoppers have been promised faster delivery and a wider range, but country details are still missing. For Luxembourg retailers, one Commission condition matters most: they can use JD.com's logistics and technology on the same terms as MediaMarkt. How that works in practice is for the trustee to show. Our article on the Digital Fairness Act explains the new EU rules for online trade, and the IMD ranking shows where Luxembourg stands digitally.

Red JD.com sign with Chinese characters on the roof of an office building
JD.com sign on a building in Yangzhou, China, on 10.10.2018 | Image: MyCreative/Shutterstock.com (Editorial use only)

What will the next ten years decide?

The closing turns an offer first announced in July 2025 into real market power: a Chinese platform group now owns more than 1.000 electronics stores in Europe. Whether the conditions set in Brussels protect competition will be decided over the next ten years, in Luxembourg's two stores as well.

Sources

Every price and fact above was checked against these pages on the date shown.

  1. [1] JD.com Completes Voluntary Public Takeover Offer of CECONOMY (GlobeNewswire, 12.11.2026) accessed 2026-11-12
  2. [2] JD.com und CECONOMY schließen freiwillige öffentliche Übernahme ab (CECONOMY, 12.11.2026) accessed 2026-11-12
  3. [3] JD.com and CECONOMY complete voluntary public takeover, press release PDF accessed 2026-11-12
  4. [4] HKEX inside information announcement, JD.com, 12.11.2026 accessed 2026-11-12
  5. [5] Investment Agreement with JD.com, CECONOMY investor page and Shareholder FAQ 12.11.2026 accessed 2026-11-12
  6. [6] JD.com seeks to lead Europe's online electronics retail with Ceconomy deal (Reuters via Investing.com, 12.11.2026) accessed 2026-11-12
  7. [7] Commission conditionally approves JD.com's acquisition of CECONOMY under the Foreign Subsidies Regulation (IP/26/2300, 03.11.2026) accessed 2026-11-12
  8. [8] CECONOMY and JD.com receive final regulatory clearance (CECONOMY, 03.11.2026) accessed 2026-11-12
  9. [9] JD.com darf Ceconomy kaufen und muss Lager teilen (etailment, 04.11.2026, citing Financial Times) accessed 2026-11-12
  10. [10] MediaMarkt Luxembourg, Contactez-nous accessed 2026-11-12
  11. [11] JD.com rachète Ceconomy, la maison mère de MediaMarkt au Luxembourg (L'essentiel, 04.11.2026) accessed 2026-11-12
  12. [12] Mediamarkt et Saturn passent sous pavillon chinois (Paperjam) accessed 2026-11-12
Topics jd.comceconomymediamarkte-commerceeuforeign-subsidiesluxembourg