NEW YORK (Reuters) - Wal-Mart Stores Inc
Wal-Mart said Kosmix's founders and team will operate as part of a newly formed group called @WalmartLabs that will create technologies and businesses around shopping online or with smart phones.
Continue Reading Below
"We are expanding our capabilities in today's rapidly growing social commerce environment," said Eduardo Castro-Wright, Walmart's vice chairman. "Social networking and mobile applications are increasingly becoming a part of our customers' day-to-day lives globally, influencing how they think about shopping."
Earlier on Monday, Wal-Mart's chief executive Mike Duke said in a statement that his top priority for this year was to turn around same-store sales at its U.S. discount chain.
Kosmix's founders, who sold their first company Junglee to Amazon.com Inc
(Reporting by Martinne Geller, editing by Gerald E. McCormick)