Walmart to add eight stores in 2019, explore synergies with Flipkart
Walmart India sees tremendous scope for synergies with Flipkart for growth in the country and will be working together to strengthen its overall presence in the country. The company aims to add 8 new stores in the next financial year.
Walmart, which bought 77 percent stake in Indian online marketplace Flipkart for over USD 16 billion in August, is optimistic of revenue growth and expects 10 percent of it to come from private labels.
“Currently, our revenue from private labels is 6-7 percent from our two brands–Right Buy and Member’s Mark, wherein the first is the cheaper than the other. We hope to take this to 10 percent by 2019 when we close our first decade,” Walmart India chief executive Krish Iyer told PTI.
“We do see tremendous scope for synergies with Flipkart, as it is very good at logistics, deliveries, customer relationship management, artificial intelligence, machine learning, and analytics, among others. We too have similar strengths, which can be combined,” he added.
Walmart India currently has 22 Cash and Carry stores, which sell products including makeup, personal care items, and groceries. It closed fiscal 2017 with a top line of Rs 3,609 crore.
Walmart earlier announced that it will open around 50 wholesale stores in India over the next five years.
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