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CNBC reports that Walmart has increased its ownership position in India’s Flipkart from 77% to 81.3%, demonstrating its continued conviction “that India's online retail market is primed for growth.”

The Walmart move comes despite several months during which not all the Flipkart news was good. Investors were skeptical that Flipkart could successfully compete against Amazon, the initial $16 billion Walmart investment ate into its profits, and Flipkart’s co-founder had to step down because of accusations that he had committed sexual assault.

But Walmart CEO Doug McMillon continues to believe that investments and acquisitions such as the Flipkart deal are “crucial to the continuing health of his company and its global ambitions.”

Projections are that India’s e-commerce market will quadruple during the next eight years to $200 billion.
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