Woolworths CEO Axes Southern Hemisphere Retail Dominance Plan
- Acquisition of Australia’s David Jones proved a costly misstep
- Demand for curated, local goods is increasing, Bagattini says
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Woolworths Holdings Ltd. Chief Executive Officer Roy Bagattini has abandoned the retailer’s ambition to create a pan-southern hemisphere retail giant -- switching from the vision of his predecessor Ian Moir after an expensive misstep in Australia.
The South African company had veered off course, the executive said, with the stand-out error being the $2 billion purchase of Sydney-based David Jones in 2014 that led to writedowns.