Walmart to sell high-end apparel to Myanmar for $1.1 billion
Walmart is buying high-quality textiles from Myanmar’s Wal-Mart Group, according to a report in the Wall Street Journal.
The retail giant will invest $1 billion to create a high-performance textile manufacturing facility, and will partner with the country’s largest textile manufacturer, the Myanmar Association of Textile Manufacturers, in an effort to create high-value garments, according the report.
The apparel manufacturer will sell its products in the country for about $1,200 per square foot, the Journal reported.
Walmart will also work with Myanmar’s textile industry to produce clothing that is high quality and priced competitively, the report said.
The company’s investments are aimed at supporting the countrys development in the textile industry, which is struggling due to a decades-long trade embargo.
The Myanmar garment industry is a major driver of economic growth and employment for the country, which has been struggling with a lack of access to basic goods and a lack for basic goods in the markets.
The country has been hit hard by the global economic downturn that has impacted exports, as well as an ongoing conflict with Myanmar.
More than $2.3 billion in exports were lost in 2015.