Bentonville-based Walmart plans to triple its sourcing of goods from India to $10 billion a year by 2027, company officials said on Tuesday.
The retail giant has sourced goods worth over $30 billion from the Indian market in the last two decades for its global operations.
Walmart CEO Doug McMillon and Walmart International president and CEO Kathryn McLay in their joint video address to the Walmart Growth Summit said India is a country with tremendous potential. It is ready to help the Indian MSMEs, which have a wonderful entrepreneurial spirit, to achieve their goals.
“Here you have unique products that are in demand with our customers around the world… Some of the products I use every day are made in India by suppliers that we have long relationships with,” McLay said.
“The ecosystem and infrastructure are part of what is so attractive about doing business in India. That’s why in 2020, we announced our goal to source $10 billion exports annually from India by 2027,” said McMillon.
“Other than the US, India is the only market where we have set a sourcing objective. And that is because we see so much opportunity.”
McMillon mentioned about sourcing cruiser bicycles from India by entering into a partnership with Hero Ecotech. Similarly, products from Mrs Bector’s Food and towels from Welspun have also become popular.
Jason Fremstad, senior vice-president, supplier development and sourcing, said Walmart has now a well-established base of suppliers. The export opportunity is massive and over 100 merchants and sourcing experts will meet new suppliers.
“This week is focused on expanding those opportunities and finding new suppliers,” he said.
