Walmart, the world's largest retailer, has made the first step in its drive to take direct control of its annual purchasing of $100bn in private-label goods by announcing a strategic partnership with Li & Fung, a Hong Kong sourcing company.
The retailer is also appointing Ed Kolodzieski, head of its struggling Seiyu unit in Japan, to take control of its global sourcing initiative, raising the profile of an effort it says could eventually save it billions of dollars a year.
As part of the strategy, Walmart is consolidating some of its existing sourcing business with a new unit of L&F, which acts as a middle man between factories in China and around the world and European and US retailers and brands.
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