02-26-2005, 01:44 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>India to turn JC Penneyâs 2nd largest sourcing base </b>
OUR CORPORATE BUREAU
Posted online: Thursday, February 24, 2005 at 0000 hours IST
NEW DELHI, FEB 23: Global retail major JC Penney sees India as the second largest sourcing base after China. The $18 billion retail major currently sources from India 15-17% of its total global requirement of about $4 billion (as compared to 55-65% from China). Sourcing from India is expected to increase considerably in the near future.
According to JC Penney Purchasing Corp, India, country manager Adil Raza, the global retailer in the recent past has consolidated its sourcing base from 90 countries to 18 countries. It now plans to follow the same consolidation sourcing strategy in the Asian region by possibly shifting its focus for sourcing from regional markets such as Nepal and Mauritius to India. Mr Raza was speaking at the 7th KSA Retail Summit being held in the Capital.
The retail major has had a presence in India for the past 15 years as JC Penney Purchasing Corp, India, and sources products like home textiles, glassware, and clothing from here.
Among the other global retail majors who are sourcing from India is Walmart, which is believed to be sourcing products worth $600 million currently.<!--QuoteEnd--><!--QuoteEEnd-->
OUR CORPORATE BUREAU
Posted online: Thursday, February 24, 2005 at 0000 hours IST
NEW DELHI, FEB 23: Global retail major JC Penney sees India as the second largest sourcing base after China. The $18 billion retail major currently sources from India 15-17% of its total global requirement of about $4 billion (as compared to 55-65% from China). Sourcing from India is expected to increase considerably in the near future.
According to JC Penney Purchasing Corp, India, country manager Adil Raza, the global retailer in the recent past has consolidated its sourcing base from 90 countries to 18 countries. It now plans to follow the same consolidation sourcing strategy in the Asian region by possibly shifting its focus for sourcing from regional markets such as Nepal and Mauritius to India. Mr Raza was speaking at the 7th KSA Retail Summit being held in the Capital.
The retail major has had a presence in India for the past 15 years as JC Penney Purchasing Corp, India, and sources products like home textiles, glassware, and clothing from here.
Among the other global retail majors who are sourcing from India is Walmart, which is believed to be sourcing products worth $600 million currently.<!--QuoteEnd--><!--QuoteEEnd-->