Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers in India.
WalMart International President and CEO Doug McMillon said in Davios that the Indian government's concerns over allowing foreign direct investment in multi-brand retail were misplaced.
The Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025, according to Walmart Inc President and CEO Doug McMillon. Speaking at the Converge@Walmart event, McMillon noted that given the diversity of the Indian market, the company has to "think local and execute locally". "India is such a diverse market, it's not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we've got to comply with those rules," he said.
After dipping by as much as 17 per cent in April, readymade garment (RMG) exports of all textile categories in India are showing signs of recovery in May. Exporters in Tiruppur are indicating a rise in rupee terms during the month, while it may take at least a month for volumes to be back in positive terrain. Among the global majors that are placing orders in the textile hub include Walmart, H&M (Hennes & Mauritz AB), Tommy Hilfiger and Target.
The Walmart chief stated that the values of the two companies were "very much aligned"
American retail giant Walmart is not keen on opening direct-to-consumer physical stores in India, but will focus on growing its acquisitions - online marketplace Flipkart and payments major PhonePe, a top official said on Friday. It can be noted that the company acquired Flipkart and PhonePe in a $16 billion deal a few years back. "We've got an omnichannel strategy that includes both of those components.
Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
'"We want to get the learnings from Flipkart and take it to other parts of the world," Walmart CEO Doug McMillon was quoted as saying.' 'That is a very large tuition fee for an MBA in a country that outdoes Brazil and perhaps even China in busting multinationals' knees and sometimes their heads as they try to crack a market of mostly impoverished people run by a government that has never really given up the sadistic pleasures of administering the license raj,' notes Rahul Jacob.
Walmart agreed to pay more than $ 144 million to settle US Security and Exchange Commission's charges and approximately $ 138 million to resolve parallel criminal charges by the Department of Justice for a combined total of more than $ 282 million.
The CEOs round table is expected to be attended by Apple chief Tim Cook, Walmart head Doug McMillon, Caterpillar's Jim Umpleby, Google head Sundar Pichai and Microsoft's Satya Nadella.
PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster
American CEOs expected to meet Modi on Sunday include Apple's Tim Cook, Walmart's Doug McMillon, Caterpillar's Jim Umpleby, Google's Sundar Pichai and Microsoft's Satya Nadella.
The retailer has registered a new company called 'Wal-Mart India Private Ltd' in the country.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
"Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both. Thank you all!" Trump said in a tweet.
India's growth presents a win-win partnership for the country and the US, and American companies have a great opportunity to contribute to that, Modi told the CEOs.
After supermarket giant Walmart, it is online retail major Amazon which has begun lobbying with the US lawmakers to seek their support for facilitating its "foreign direct investment in India".
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
Ten people, including the gunman were killed in in Dayton's Oregon district, while another 20 were shot dead at a crowded Walmart store in the southern border town of El Paso in Texas.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
Online biggies and global retail giants are working on being omnipresent in both the virtual and the real world to see what helps them get the numbers, says Karan Choudhury.
'If you allow Walmart to operate in India, our manufacturing will finish completely.' 'What will happen to Narendra D Modi's dream then? There will be no Make in India.'
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