299
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Jun 27, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Walmart aims to list minority stake in Japan unit Seiyu

By
Reuters
Published
Jun 27, 2019

Walmart said it aims to list its Japanese supermarket unit Seiyu while keeping a majority stake in the business, amid on-and-off speculation the U.S. retail giant was looking to exit Japan where it has struggled to grow.


Walmart first entered the Japanese market in 2002 by buying a 6 percent stake in Seiyu, and gradually built up its stake before a full takeover in 2008 - Reuters


Lionel Desclee, who was hired earlier this year as CEO of Walmart Japan, said in a speech to employees on Wednesday that Walmart would remain invested in Seiyu.

“We also have a longer-term aspiration to list a minority stake of our business in Japan,” he said in a speech, according to a Walmart Japan statement.

“We believe a Japan listing would empower Seiyu to accelerate the journey of building a strong, innovative local value retailer both in-stores and online, while still enjoying the benefits of being powered by Walmart,” he was also quoted as saying. No time-frame for a listing was mentioned.

Walmart first entered the Japanese market in 2002 by buying a 6 percent stake in Seiyu, and gradually built up its stake before a full takeover in 2008.

But Japan has proven a difficult market for Walmart and other foreign entrants such as Tesco PLC and Carrefour SA. Japanese media reported last year that Walmart considered selling Seiyu, and that a sale could amount to around 300 billion to 500 billion yen (2.2 - 3.7 billion pounds).

Consumers in Japan demand fresh food and efficient customer service, and the country’s supermarket industry is highly competitive and its margins razor thin after years of deflation.

Judith McKenna, CEO of Walmart International, was also quoted in the statement as supporting a potential public listing of Seiyu with Walmart retaining majority ownership.

Under Walmart, Seiyu has closed unprofitable stores. It also teamed up with Rakuten Inc last year to launch an online grocery venture, facing off against rivals such as Amazon’s Fresh service.

© Thomson Reuters 2024 All rights reserved.