British DIY chain Kingfisher will sell its 70 % share of B&Q China to Wumei Holding for 180 million euro. The Chinese chain's turnover dropped steadily over the past few years and Kingfisher Group had stated in March 2014 it was on the lookout for a possible partner to help boost the chain's turnover.
This particular move is Véronique Laury's first major decision since she became Kingfisher Group's CEO on 8 December 2014. Previously, Ian Cheshire was the group's CEO.
B&Q opened its first Chinese store in 1999 and currently manages 35 stores and 3,000 employees in China. The sale still has to get approval from the Chinese Ministry of Commerce, which is expected somewhere around mid-2015.