---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 114749
conversation_id: 4e32442c-b80b-48e3-95fd-c9c179fc1411
citations: 0
created: 2026-05-31 18:09:17Z
---

# Who are the key customers and suppliers of Wesfarmers?

**Important disambiguation**: The Manticore/TFS chunk search on bare ticker `WES` returned **Western Midstream Partners, LP (NYSE: WES)** — a US Permian Basin midstream MLP — not **Wesfarmers Limited (ASX: WES)**, the Australian conglomerate. The two companies collide on the bare-symbol ticker. I have therefore not cited those US midstream chunks. Internal CLSA RMS coverage of Wesfarmers (ASX: WES) over the past two months consists of sector-level Australia strategy weekly wraps and consumer/retail peer comparison notes (Treasury Wine, Metcash, Accent, Elders, GrainCorp, Goodman) that include WES in their universe tables but do not deep-dive on customer/supplier disclosure. No CLSA single-name initiation or company note on Wesfarmers itself appears in the matched set.

Below is the structural answer based on Wesfarmers' disclosed business model. **Each major Wesfarmers division has a distinct customer base and supplier ecosystem** — there is no single "customer" list for the group.

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## Wesfarmers Limited — Key Customers (by division)

Wesfarmers is a B2C-heavy conglomerate. The vast majority of its revenue is from millions of individual retail consumers, not concentrated enterprise customers. The exception is the WesCEF and Industrial & Safety segments, which sell to commercial counterparties.

| Division | Customer base | Notes |
|---|---|---|
| **Bunnings** (hardware, ~50% of group EBIT) | DIY retail consumers + trade (builders, tradies, commercial property managers) | Trade customers ~30–35% of Bunnings revenue; PowerPass account holders. No single customer is material. |
| **Kmart Group** (Kmart + Target) | Mass-market Australian/NZ retail consumers | Discount apparel, home, toys. Anko private-label drives ~75%+ of sales. |
| **Officeworks** | SMB office buyers + retail consumers + education sector | Schools and education buyers a meaningful B2B channel. |
| **WesCEF — Chemicals** | Mining companies (ammonium nitrate for explosives), agricultural distributors | Key customers include Australian iron ore and gold miners; CSBP supplies ammonium nitrate to majors via long-term offtakes. |
| **WesCEF — Energy / LPG** | Industrial gas users, regional Australian households | Kleenheat distribution. |
| **WesCEF — Fertilisers (CSBP)** | WA grain farmers / agricultural cooperatives | Seasonal, concentrated in WA wheatbelt. |
| **Wesfarmers Health (API)** | Priceline pharmacy retail consumers + franchisee pharmacies | Acquired API 2022; also Clear Skincare clinics. |
| **Industrial & Safety (Blackwoods, Coregas, Workwear)** | Mining, construction, manufacturing, government procurement | B2B MRO supply; large mining houses key accounts. |
| **Mt Holland Lithium JV (50/50 with SQM)** | Downstream cathode/battery makers via SQM's offtake network | Hydroxide product offtake routed via SQM's existing customer book. |

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## Wesfarmers Limited — Key Suppliers (by division)

| Division | Supplier base | Notes |
|---|---|---|
| **Bunnings** | Global hardware/building-products OEMs and ANZ trade brands — DeWalt/Stanley Black & Decker, Bosch, Makita, Ryobi (TTI), Dulux, Hills, James Hardie, Boral, CSR, plus tens of thousands of Chinese OEMs for own-brand lines | Highly fragmented; Bunnings has substantial bargaining power. |
| **Kmart Group** | Asian (predominantly Chinese, also Bangladesh, Vietnam, India) consumer-goods manufacturers; centralised sourcing through Anko private-label platform | Concentrated FOB sourcing relationships; ~75%+ private label. |
| **Officeworks** | Tech OEMs (HP, Lenovo, Apple, Brother, Canon, Epson), office-products manufacturers, Anko-sourced private label | Tech/electronics suppliers material. |
| **WesCEF — Chemicals** | Natural gas feedstock from WA upstream producers (historically Woodside, ExxonMobil-BHP JV legacy via Gorgon/NWS), imported ammonia | Gas feedstock cost is the single largest input cost lever. |
| **WesCEF — Fertilisers** | International ammonia/urea/phosphate rock suppliers (Middle East, North Africa, Russia historically); domestic CSBP production | Global fert market commodity supply. |
| **Health (API/Priceline)** | Pharmaceutical wholesalers, FMCG cosmetics brands (L'Oréal, Estée Lauder, P&G, Unilever) | Buying group power post-API acquisition. |
| **Mt Holland Lithium JV** | SQM (50% JV partner, technical operator + offtake) | Covalent Lithium JV converts spodumene to hydroxide at Kwinana refinery. |
| **Industrial & Safety** | Global PPE, tooling, MRO and industrial-consumable manufacturers; Coregas internal gas supply | Long-tail supplier base. |

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## What CLSA's internal coverage shows

CLSA's recent Australia strategy weekly wraps (2025-05-26 through 2025-06-30) and consumer-staples peer comparison tables (Treasury Wine, Metcash, Elders, GrainCorp notes published May–June 2025) include WES in their universe screen [1][2][3][4][5][6][7][8][9]. The notes reference Wesfarmers as a Bunnings-anchored consumer discretionary heavyweight in the ASX retail peer set alongside Woolworths (WOW), Coles (COL), Metcash (MTS), JB Hi-Fi (JBH), Harvey Norman (HVN) and Premier Investments (PMV), but none of the matched documents is a single-name Wesfarmers initiation or deep dive — so divisional customer/supplier disclosure is not extracted in the CLSA corpus surfaced.

For company-specific customer/supplier concentration disclosure, Wesfarmers' Annual Report (Operating & Financial Review — Bunnings, Kmart Group, WesCEF segments) and the company's own investor day materials are the authoritative sources; these were not in the matched CLSA-RMS or Manticore TFS set under bare ticker `WES`. To pull Wesfarmers' own filings, the search would need to route through `stock_server_query` with Wesfarmers' Bloomberg FIGI / FactSet ticker-region (`WES-AU`) rather than bare `WES`, which collides with Western Midstream.

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**Sources**

[1] Australia strategy (Weekly wrap) — CLSA (30 Jun 2025) — 607963013LinqAlpha.PDF
[2] Charts from the Tool Kit (Z-score - predicting the state of financial distress) — CLSA (27 Jun 2025) — 607962941LinqAlpha.PDF
[3] Charts from the Tool Kit (Looking for companies with earnings certainty) — CLSA (26 Jun 2025) — 607962888LinqAlpha.PDF
[4] Australia strategy (Weekly wrap) — CLSA (23 Jun 2025) — 607962529LinqAlpha.PDF
[5] Metcash - O-PF (Rerating taking shape) — CLSA (23 Jun 2025) — 607962602LinqAlpha.PDF
[6] Treasury Wine - O-PF (Comfort enough) — CLSA (24 Jun 2025) — 607962681LinqAlpha.PDF
[7] Accent - HLD (Tough times) — CLSA (13 Jun 2025) — 607961940LinqAlpha.PDF
[8] GrainCorp - O-PF (ABARES points to above average) — CLSA (3 Jun 2025) — 607961105LinqAlpha.PDF
[9] Australia strategy (Monthly Market Review) — CLSA (2 Jun 2025) — 607960992LinqAlpha.PDF

