Walmart Inc. isn't finished reshaping its global portfolio.Following last week's $16 billion deal to acquire a majority stake in Indian e-commerce company Flipkart and the retailer's agreement to merge its Asda subsidiary in the U.K. with Sainsbury's Plc, Walmart on Thursday said it now is turning to its Brazilian operation. Brett Biggs, executive vice president and chief financial officer, said the retailer is putting its long-struggling Brazil business into play."We’re continually reviewing our portfolio and consistent with that, we’re currently considering options for our business in Brazil," he said.This isn't the first time Walmart has tried shopping a major stake in the business, however, which could be a tough sell, since stores opened during Brazil's economic boom were located in less desirable locations.The company began its Brazil business in 1995 and operates 465 stores under the banners Sam's Club, Walmart, Big, Bompreco, Hiper Bompreco, Magazine, Maxxi, Mercadorama, Nacional, Hiper TodoDia, Supermercado TodoDia, TodoDia and Posto. Walmart's operating losses started in 2009. The stores generated about $9.4 billion in revenue in 2016, but have struggled to turn a net profit. Advent International apparently was close to acquiring 50 percent of the Brazil business, but Walmart may be having trouble unloading Brazil, as it reportedly owes up to $3 billion in back taxes to state governments, according to Reuters.
Its international approach seems to be the borrow-from-Peter-to-pay-Paul philosophy, with the sales of Asda reportedly financing its Flipkart investment. There's also the pending sale of its Canadian bank.
“I grew up in New York but I hadn’t really experienced the city in any type of touristy way…This was probably the first museum I really explored and took the time to see,” said @haileybaldwin of the @whitneymuseum. On Tuesday night, Baldwin was joined by Jemima Kirke and more at the annual Whitney Museum Gala and Studio Party, which honored Lorna Simpson, Joanne Leonhardt Cassullo and Beth Rudin DeWoody. See more photos on WWD.com. #wwdeye (📷: @lexieblacklock)
Displayed starting this week at the @fashiontextilemuseum: An exhibition on designer @orlakiely titled “Orla Kiely: A Life in Pattern,” which spans two decades and contains more than 150 pieces. “I want people to come away loving pattern and print. It’s something that makes you feel so good,” said the designer during a preview of the exhibit. Also on show are mood boards, samples, sketches and more. Head to WWD.com to see more photos. #wwdfashion
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion (📷: Dan Doperalski)