Page 3 - Walmart

Flipkart to reduce its workforce by 5-7% based on performance by April

The Indian e-commerce giant is also about to close $1 billion in financing from Walmart

Toys to have major share in Walmart's $10 bn Indian exports target: DPIIT

US-based retail giant Walmart is targeting to increase its exports from India to USD 10 billion annually and domestic toys will account for a significant portion of the total exports, a senior government official said on Thursday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the American company has recently held a workshop with 100 Indian toy makers so that they can set up the supply chain for toy exports from India. "Walmart has given a target of USD 10 billion exports from India and in that they are going to have toy exports as a significant portion," he told reporters here. The company has earlier informed toy makers about their requirements and expected quality standards. In December 2020, Walmart committed to triple its exports of goods from India to USD 10 billion each year by 2027, providing a significant boost to micro, small and medium-sized enterprises (MSMEs) here. Global retailers such as IKEA are already sour

Flipkart in talks to raise $1 billion, $600 million to come from Walmart

The fundraising is likely to increase Flipkart's valuation by 5-10 per cent from $33 billion earlier

Retail major Walmart sources bicycles from India, partners Hero Ecotech

Global retail major Walmart has started sourcing bicycles from India by entering into a strategic partnership with Hero Ecotech. The first India-made bicycles are hitting select stores in the US market just in time for the holidays, Walmart said in a statement. This is part of Walmart's commitment to triple exports out of India to USD 10 billion annually by 2027, it added. Hero Ecotech has designed a cruiser-style bike for Walmart carrying the Concord brand available in both adult-sized men's and women's versions adding to the company's growing bicycle offerings. The cruisers sold in Walmart US stores are built with more than 90 per cent of raw materials sourced from India. Andrea Albright, Executive Vice President, Sourcing, Walmart said: "India is well-positioned to support increased demand for products by Walmart customers, and we are excited about our partnership with Hero Ecotech. This collaboration furthers our work to strengthen resiliency in our global supply while ...

Walmart turns to India from China for cheaper imports as it cut costs

Only 60% of its shipments came from China during the same period, down from 80% in 2018, the same data shows. To be sure, China is still Walmart's biggest country for importing goods

Flipkart 'TBBD' sales lift Walmart's gross margins in Aug-Oct period

US retail giant Walmart's consolidated gross margins improved in the August-October period, helped by 'The Big Billion Days' sales by its Indian e-commerce arm Flipkart. The festive season, which fell in the third and fourth quarters, boosted Walmart International's sales by 13 per cent, said an earnings statement from US-based retailer Bentonville. Walmart follows a February-January calendar and its third quarter ended on October 31. "Consolidated gross margin rate up 32 bps positively affected by a slight improvement for Walmart US and timing of Flipkart's The Big Billion Days event, which flipped from Q3 last year to Q4 this year," said Walmart. Its consolidated revenue for the quarter was at USD 160.8 billion, up 5.2 per cent and 4.3 per cent in constant currency. Walmart International's net sales during the third quarter were USD 26.7 billion in constant currency terms, while its gross profit rate was up 151 bps. Walmart International business reported a strong growth by its

Indian pharma firm recalls 27 types of eyedrops in US made for CVS, Walmart

The Food and Drug Administration warned consumers last month not to purchase or use store-brand eyedrops from Walmart Inc., CVS Health Corp., Target Corp. and other companies

Myntra strengthens leadership team; elevates Suman Saha to head of HoB

Shirish Srivastava, who recently joined Myntra as the vice president of sourcing in the HoB team, will lead the sourcing charter

PhonePe records revenue of Rs 2,914 crore in FY23, marks 77% jump

The Walmart-owned fintech firm said this growth is led primarily by its focus on market expansion and leadership in the digital payments market.

Brands are handing out freebies at Walmart as online ads lose appeal

In stores across the US, companies are doling out everything from small-batch nut butter and sanitary wipes to Halloween-themed Oreos

InGovern flags concerns with FinMin about Flipkart hiring ex-CCI Officer

InGovern suggests that the integrity of the ongoing CCI probes into e-commerce behemoths Flipkart-Walmart and Amazon is questionable

Google, Walmart ask Bengaluru staff to work at home amid state water row

The dispute over who gets access to the water has been a source of friction between the states of Karnataka and Tamil Nadu for more than a century

US retailer Walmart pays $3.5 billion to increase stake in Flipkart

Flipkart co-founder Binny Bansal, Accel and Tiger Global Management have fully exited the e-commerce firm by selling their stakes to Walmart

Walmart raises forecasts, tops sales estimates on lower price offers

Walmart is also benefiting from lower supply-chain costs and fewer discounts that were previously put in place to cut down excess inventory

2 out of 3 firms paying for employees' upskilling programme: Scaler survey

The 2023 hiring survey stated that 72.02% of the respondents said that data science/algorithm is the most important skill

Binny Bansal, Accel and Tiger Global exit Flipkart with bumper returns

Latest deal puts Flipkart's valuation at $35 bn and prepares it for IPO

Top headlines: Walmart buys more stake in Flipkart, no-confidence motion

Business Standard brings you the top headlines at this hour

Walmart buys Tiger Global's stake in e-com giant Flipkart for $1.4 billion

Separately, venture capital firm Accel also sold its 1 per cent stake in Flipkart to Walmart, the Economic Times reported

Walmart buys out $1.4 billion hedge fund Tiger Global's stake in Flipkart

Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years

Walmart, Flipkart join hands with Telangana govt to upskill, support MSMEs

Walmart and Flipkart on Tuesday announced the signing of a Memorandum of Understanding (MoU) with Telangana government to create an ecosystem to aid capacity building for MSMEs in the state. The pact was signed in the presence of Telangana government's Industries and Commerce Department Principal Secretary Jayesh Ranjan and 'Swasti' programme director Joseph Julian KG, a release said. The MoU between Swasti and the Industries and Commerce Department will facilitate the development of local Micro, small and medium-sized enterprises (MSMEs) towards accessing a wider domestic market space, to leverage online retail and enable sustained growth and commercialisation, it said. Under the new partnership, Walmart will extend its support to help MSMEs digitise their businesses and fuel capacity building for Telangana. This will enable them to be a part of the offline and online domestic supply chains, it said. In partnership with Swasti, Walmart Vriddhi Supplier Development Programme (Walma