UK MPs Urge Investigation of JD.com's Joybuy UK Launch and €2.2bn Bid
AMZN•Alicia Kearns urged Parliament to probe JD.com's UK launch under the Joybuy brand and alleged state subsidies after its €2.2bn bid for Ceconomy. The group has eyed Currys, Argos and Very acquisitions, prompting calls to block deals to shield British high street retailers.
1. Call for UK Investigation
Shadow national security minister Alicia Kearns called on Parliament to launch a formal inquiry into JD.com's recent entry into the UK market under its Joybuy brand. She cited concerns over alleged Chinese state subsidies giving JD.com an unfair cost advantage against domestic and established online retailers.
2. EU Inquiry and Subsidy Allegations
The European Commission is conducting an in-depth investigation into whether JD.com benefited from financing, tax incentives and grants that distort competition after the company placed a €2.2bn bid for German electronics group Ceconomy. The probe examines the impact of such subsidies on the EU internal market and their extension to the UK.
3. Takeover Targets and Policy Response
JD.com has explored takeover approaches for Currys, Argos and Very Group, raising alarm among high street stakeholders. In response, the Treasury accelerated plans to close the £135 de minimis import loophole to October 2028, and MPs are weighing measures to block strategic acquisitions for economic security.
