Carrefour to exit from China
The big news in the retail world is that the French giant Carrefour is set to sell 80% of its shares in Carrefour China. The stake will be purchased by leading Chinese retail group Suning.com. Suning.com has a network of 8,881 stores and operates the third largest B2C e-commerce platform in the country.
The cause of the sell-off is likely to be Carrefour China’s disappointing performance of late. The retailer posted revenues for 2018 of €3.6 billion, which represents a fall of almost 10% from the previous year. The chain operates 234 stores in China and is valued at €1.4 billion. The takeover is expected to be completed by the end of the year.