Walmart Sourcing Forges Strategic Partnership with Hero Ecotech Ltd. to Boost Resiliency in Bicycle Supply Chain in Time for the Holidays
BusinessWire India
Bentonville (Arkansas) [US]/ Ludhiana (Punjab) [India], December 12: Walmart today announced that the first India-made bicycles are hitting select stores in the U.S. just in time for the holidays. Hero Ecotech Ltd., one of India's foremost manufacturers and exporters of bicycles, has designed a "cruiser-style" bike for Walmart carrying the Concord brand available in both adult-sized men's and women's versions adding to the company's growing bicycle offerings.
Hero Ecotech Ltd. is among many Indian manufacturers who are building supplier relationships with Walmart, helping the company accelerate their goal to triple exports of goods from India to USD 10 billion annually by 2027. Walmart recently announced the Walmart Growth Summit, an invitation-only event offering export-ready suppliers, micro-, small- and medium-size enterprises (MSMEs), cross border trade suppliers, and innovative companies an opportunity to pitch for business. The event will be held on February 13-15, 2024, in New Delhi.
"Our goal at Walmart is to provide high-quality products at price points that all customers can access. Our collaboration with Hero Ecotech supports that goal and demonstrates manufacturing growth and capability in India overall," said Andrea Albright, Executive Vice President, Sourcing, Walmart. "India is well-positioned to support increased demand for products by Walmart customers, and we are excited about our partnership with Hero Ecotech. This collaboration furthers our work to strengthen resiliency in our global supply while contributing to economic growth worldwide."
India's rich history as a leading manufacturer of bicycles is exemplified by Hero Ecotech Ltd. The cruisers sold in Walmart U.S. stores are built with more than 90 percent of raw materials sourced from India. The company stands as one of the premier manufacturers of mobility products in India and holds the distinction of being India's largest exporter of bicycles, shipping to over 80 countries.
"At Hero Ecotech Ltd., we are excited about our collaboration with Walmart to bring our products to Walmart customers this year," said Vijay Munjal, Chairman, Hero Ecotech Ltd. "We are proud to be among the first Indian-built products to join the bicycle category at Walmart and believe the Concord cruisers represent the quality work of our employees and our company. I encourage manufacturers here in India to consider working with Walmart and seek opportunities to directly engage with them at the Walmart Growth Summit in February."
Walmart's commitment to the India market is not new, with the company already exporting products across a range of categories. As part of Walmart's contribution to the country's Make in India initiative, the company aims to empower 50,000 MSMEs to participate in domestic and global supply chains through Walmart Vriddhi, a comprehensive growth and training program launched in 2019 that helps MSMEs modernize, scale, and meet their domestic and international ambitions.
Companies interested in doing business with Walmart should visit WalmartGrowthSummit.com for more information.
Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 20 countries. With fiscal year 2023 revenue of USD 611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on Twitter at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.
Press Photos and B-Roll Video Available / Attached
Link to the video footage of the bicycles from India to the U.S.
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