The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BENTONVILLE, United States — Walmart Inc. plans to invest 8 billion yuan ($1.2 billion) in China over the next 10 years to upgrade logistics, the US retail giant said on its social media account on Monday.
The company will also set up or renovate more than 10 logistics centres in the country.
The comments followed a meeting between President Donald Trump and his Chinese counterpart Xi Jinping over the weekend in Osaka, Japan that rekindled hope for a US-China trade deal.
Walmart has been pushing to integrate its retail network in China with the country's burgeoning "smart retail" movement, as retailers and tech giants such as Alibaba Group Holding Ltd and Tencent Holdings Ltd cut deals to combine online and high-street shopping.
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In China, the company last year opened its first small high-tech supermarket, where smartphones can be used to pay for items that are mostly available on the US retailer's store on online platform JD Daojia, an affiliate of JD.com Inc.
Walmart operates a number of formats in China, including hypermarket, Sam's Club and Walmart supermarket, with 400 retail units covering more than 180 cities nationwide.
Last month, French retailer Carrefour agreed to sell 80 percent of its Chinese operations to electronics retailer Suning.com for €620 million.
By Pei Li, Ryan Woo and Nivedita Balu; editors: Susan Fentona, Edmund Blair and Maju Samuel.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.