Wal-Mart Stores, Inc. said Thursday it is reorganizing its global sourcing structure to reduce costs, accelerate speed to market and improve the quality of products.

The initiative is part of parent company Walmart's new global sourcing strategy, which includes creating global merchandising centers, changing leadership and structure, and forming a strategic alliance with global sourcing company Li & Fung.

The new structure aims to leverage the company's global scale in both general merchandise categories and global food sourcing.

"The newly-established Global Merchandising Centers represent the largest and most important element of our new sourcing strategy," Walmart Vice Chairman Eduardo Castro-Wright said in a news release. "These centers will create alignment between sourcing and merchandising and drive efficiencies across various merchandise categories."

Walmart's overall global sourcing strategy focuses on increasing direct sourcing for the company's private brands.

Ed Kolodzieski, currently president and CEO of Walmart Japan Holdings G.K. and Seiyu, has been promoted to lead Walmart's global sourcing as executive vice president, reporting to Castro-Wright.

Li & Fung, which is forming a new company to manage the Walmart account, is expected to build capacity that would enable it to act as a buying agent for goods valued around $2 billion within the first year.

"In sum, we are redefining how we source products that are imported into Walmart retail markets around the globe," Castro-Wright said. "By realigning our resources, leveraging our scale, and restructuring our relationship with suppliers, we will enable our businesses around the world to offer even more competitive pricing on merchandise and to provide our customers a clear and compelling assortment of better quality products at lower prices."