Walmart’s Expansion Plan: American Giant Eyes to Source Toys and More From India
By 2027, the company aims to increase its exports from India to 10 billion US dollars.
American retail giant Walmart plans to expand its business ties with India by exporting more toys, shoes, and other products from India. The company wishes to increase its exports from India to 10 billion US dollars by 2027. Recently, a spokesperson from the company told PTI that several officials of the Bentonville-headquartered firm held numerous virtual meetings with several Indian toy manufacturers.
The spokesperson said, "Walmart’s growth in sourcing from India includes expanding working with existing suppliers and helping develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness along with apparel and home textiles. We are also exploring opportunities in toys, shoes, and bicycles," as quoted by the Mint in its report.
"The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness and general merchandise, along with apparel, homeware, and other key Indian export categories," the person added.
During the virtual meeting with toy manufacturers, the company was informed about its requirements and the quality it expects from the makers. For the record, another global brand, IKEA, also imports toys from India, which shows that India has turned into a new and important player in the global toy industry. After all, until a few years ago, India itself was a net importer of toys.
A few weeks ago, Walmart Inc. President and CEO Doug McMillon also displayed the company’s commitment to developing a strong business relationship with India. The CEO visited India and also met Prime Minister Narendra Modi.
On Twitter, McMillon wrote, "Thank you Prime Minister @narendramodi for a great conversation. We are working toward exporting USD 10B per year from India by 2027 and are committed to strengthening logistics, skill development & supply chains to make India a global export leader in toys, seafood & other goods."