Utilize the input text as a context reference, choose the right relationship between Wesfarmers and conglomerate from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

But he points out hurdle rates are higher given the greater risks and that Wesfarmers is not "sitting there wringing our hands" given the many opportunities for a conglomerate to also expand domestically.

Answer: industry