Carrefour sells part of its Brazilian activities | RetailDetail

Carrefour sells part of its Brazilian activities

Carrefour sells part of its Brazilian activities

Carrefour has sold off 10 % of its Brazilian activities to Abilio Diniz, who earlier had a nasty fight with French Casino after he had courted Carrefour about the control of his Pão de Açúcar firm.

525 million euro

Peninsula, Brazilian Abilio Diniz's investment firm, buys the 10 % share for 525 million euro. Carrefour CEO Georges Plassat describes Diniz as "the best partner to support our growth". "The agreement we have reached is a clear demonstration of our long-term commitment to Brazil, our second-biggest market." Carrefour managed a 10.2 billion euro turnover in 2013, in 256 stores and with 72,000 employees.

 

This transaction is a significant first step in the plan to "bring outside investors into the capital of its Brazilian subsidiary in order to strengthen its local ties and support its growth", Carrefour said. The group's statement makes it seem like the entire operation may lead to an IPO on the Brazilian stock exchange.

 

Familiar face

Abilio Diniz is a known figure in the French distribution world: alongside the French distribution giant Casino, he used to maintain control over Brazil's largest retailer, Pão de Açúcar, for years.

 

The collaboration ended in 2011 after it leaked that Diniz had contacted Casino's arch rival Carrefour. The result was a nasty fight which lasted 2 years and which Abilio Diniz eventually lost.

Questions or comments? Please feel free to contact the editors


Adidas wants to strengthen bond with small retailers

15/07/2018

German sportswear giant Adidas says it wants to strengthen its bond with small-scale retailers after they claimed Adidas is too aggressive in pushing its web shop, especially as they feel the brand is favouring large international chains as well.

Several candidates to take over Men at Work

12/07/2018

There are several takeover candidates for both the Dutch and the Belgian stores of the bankrupt clothing chain Men at work. The curator is confident an agreement should be reached today in Belgium.

Burberry sales increases thanks to new strategy

11/07/2018

The new strategy of the British fashion brand Burberry starts to render: the company had a 3% increase of revenue in their own stores last quarter. In total, Burberry has now a revenue of 479 million pounds (520 million euros).

FNG moves to Brussels stock exchange

06/07/2018

Belgian fashion group FNG has collected 60 million euros by issuing new shares. The new shares will be traded on the Amsterdam Stock Exchange and - for the first time - on the Brussels Stock Exchange as well.

Athleteshop ends its run

02/07/2018

Dutch sports web shop Athleteshop has filed for bankruptcy, after an abysmal year in which strings of complaints led to all sorts of problems. Social media and review sites were flooded with customers complaining about late deliveries.

Alibaba goes Turkish with stake in Trendyol

29/06/2018

Alibaba is the new strategic partner of Trendyol, one of the best-known e-commerce companies in Turkey. With this partnership, the Chinese retailgroup strengthens its presence in Europe.