'The favourable rupee-dollar exchange rate, there are opportunities we can tap.'
In the shadows of a sliding rupee, India's knitwear hub Tiruppur is weaving a success story. While the domestic currency edges closer to the 86 mark against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur's exports reached Rs 26,000 crore, almost eclipsing last financial year's total of Rs 30,690 crore.
The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen Flipkart's position to address the needs of kiranas and MSMEs uniquely.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
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.
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.
According reports, the pilot is reported to have stolen the small aircraft.
'"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.
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Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
After experiencing an 11 per cent contraction in exports in 2023-24 (FY24) due to a dip in exports for 10 consecutive months from April to January, the Tiruppur textile industry is back on track in 2024-25 (FY25). The cluster, which contributes 55 per cent of the country's total knitwear exports, posted a 13 per cent increase in the first five months of this financial year (FY25), with August seeing a 22 per cent rise - the highest in over two years.
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
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.
All of the 56 impacted associates, eight in the senior management and 48 in the middle as well as lower management, have been offered enhanced severance benefits and out placement services to support their transition, the company said.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
Thornton Police said 'it was not an active shooter' but advised people to stay away from the area.
Ever since the deal was announced of Walmart spending over $16 bn for a 77 per cent stake in Flipkart, the road to the takeover of India's biggest online marketplace has been quite bumpy
In the ongoing saga of senior management resignations, Wipro announced on Monday that its chief technology officer (CTO) Subha Tatavarti has resigned. Her resignation will be effective from August 16, 2024. In a regulatory filing, the company said: "Subha Tatavarti, CTO, resigned from the services of the company to pursue opportunities outside Wipro."
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
In conversation with Walmart India president and CEO Krish Iyer.
Scott Price is learnt to have conveyed to Sharma that Walmart remained committed to the India market.
If Walmart is spinning success stories of Indian manufacturers in global markets, Amazon is taking 'Make in India' to the world, bolstered by its 'Global Selling Programme'
Flipkart will need $2 bn annual profit to make Walmart investment viable, which will mean yearly revenue of $100 bn
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.
The latest cash-and-carry or wholesale outlet, for selling products from grocery to apparel and consumer electronics to businesses, offices and organisations, is coming up in Agra by the middle of 2015, it is learnt.
The new deal will value Flipkart at close to $19 billion on the secondary market, a huge jump from Walmart's initial offer to investors.
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.
Online retail in the country is expected to grow to $200 billion by 2026, up from $15 billion in 2016.
The previous United Progressive Alliance government had permitted up to 51 per cent foreign direct investment in multi-brand retail but the current National Democratic Alliance government is opposed to it.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
Manish Tiwary plans to take up a new role at another firm.
While the world's largest retail chain is calling it a promotion, experts said the group may be looking at a new growth strategy for Asia.
Indian kiranas are agile enough to face the q-com challenge, but it's going to be a tough fight, notes Ambi Parameswaran.
Walmart's US Senate filings on Indian market missing
In a move that is being seen as a snub to Walmart, Commerce and Industry Minister Anand Sharma on Thursday cancelled a meeting with US retail giant's Asia head Scott Price.
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