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Walmart aims to list minority stake in Japanese unit Seiyu

02
Jul '19
Pic: Walmart
Pic: Walmart
Walmart aims to list its Japanese supermarket unit Seiyu while keeping a majority stake in the business, the company recently said amid speculations about its intent to exit Japan where it has struggled to grow. Walmart entered the Japanese market in 2002 by buying a 6 per cent stake in Seiyu, and gradually built up its stake before a full takeover in 2008.

Lionel Desclee, chief executive officer (CEO) of Walmart Japan, said in a speech to employees that Walmart would remain invested in Seiyu, according to global newswires.

“We also have a longer-term aspiration to list a minority stake of our business in Japan,” a Walmart Japan statement quoted him as saying. No time-frame for a listing was mentioned.

Japanese media reported last year that Walmart considered selling Seiyu.

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.

Seiyu has closed unprofitable stores under Walmart. (DS)

Fibre2Fashion News Desk – India


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