Only 4 years after Carrefour entered the Indian market, it has decided to pull out again. It will shut down its five Indian Wholesale Cash&Carry stores at the end of September.
28 million euro turnover
Carrefour's decision to leave India is not a surprise as CEO Georges Plassat had already confirmed that the group was contemplating its presence in the enormous country: the activities were described as "secondary, not onerous, but not profitable either".
The second largest distributor in the world has had 5 Cash&Carry wholesale stores since 2010, representing a 28 million euro yearly turnover. The group has promised to "continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition."
The press release revealed no information about the company's exit from India. It is a well-known fact that India is not an easy place for foreign companies. Indian press believes nationalistic Hindu party BJP's (a party not particularly known for its love of foreign investors) electoral victory had something to do with the decision, but Paris neither confirmed nor denied these statements.