Carrefour working on plan for expansion in Brazil and China

Carrefour working on plan for expansion in Brazil and China

By 2014 French distribution giant Carrefour wants to unfold a plan to grow significantly in Brazil and China, currently the second and fifth biggest markets in the group. There will also be a change of course in Turkey.

“Insufficient” growth in Brazil and China

In his first interview with the Financial Times since he started as CEO of Carrefour, Plassat described the growth of Carrefour in Brazil and China as “insufficient”. The sales of Carrefour in Latin-America (including Argentina) rose by 14%, but they went down 10% in Asia. The CEO did however add the following: "We are working on a strategy. These are big countries, and there are lots of possibilities, but I hope the plan will be ready by the beginning of next year."

 

Since Plassat became CEO the company sold its activities in Indonesia, Columbia and Malaysia. This way, the company made about 2.8 billion euro; money it can use to get France, still the biggest market for Carrefour, back on track and to profit from the massive growth of the middle class in Brazil and China.

 

With Migros in Turkey?

In the same interview with the Financial Times George Plassat shone his light on the difficult situation in Turkey. A year ago business partner Sabancı, who have a joint venture with Carrefour in Turkey, announced it was not pleased with the performance of Carrefour.

 

According to Plassat news is to be expected about that situation within a few weeks. The Frenchmen confirmed the option to merge with Migros, a Swiss retailer owned by investment fund BC Partners in Turkey is on the table.

Questions or comments? Please feel free to contact the editors


New owner for Havaianas

14/07/2017

Brazilian Alpargatas, known for its famous Havaianas slippers, has a new owner. Investment firm J&F Investimentos sold its majority stake to three Brazilian banks.

Tiffany & Co appoints new CEO

14/07/2017

Jewelry chain Tiffany & Co appointed Alessandro Bogliolo as its new CEO, succeeding Frederic Cumenal who left the company five months ago. However, Bogliolo will only take over on 2 October.

C&A suffers another loss in Belgium

14/07/2017

In 2016, clothing chain C&A once again suffered a blow in Belgium. The Dutch company suffered a turnover drop, but also had to deal with a loss for the second straight year.

Disappointing profit numbers for Fast Retailing

14/07/2017

Fast Retailing, which owns Japanese fashion company Uniqlo, published very disappointing third quarter profit results. Turnover grew nearly 9 % but its profit failed to meet analysts’ expectations.

About You will launch this fall in the Netherlands and Belgium

13/07/2017

The German online fashion platform About You, with retail group Otto as one of its investors, will officially launch in the Netherlands and Belgium this fall. The platform will sell a range of well-known fashion brands. 

Slight turnover increase for lingerie manufacturer Van de Velde

13/07/2017

Lingerie manufacturer Van de Velde seems to have gotten back on track in the first half of its current fiscal year. Following a difficult 2016, turnover grew more than 1 % in the first half of this year.

Back to top