Casino will pull out of Vietnam | RetailDetail

Casino will pull out of Vietnam

Casino will pull out of Vietnam

French distributor Casino wants to relieve 2 billion euro from its debt thanks to real estate sales in Thailand and Colombia and the sale of its Vietnamese activities.

Stock value halved

During a general assembly in 2014, CEO Jean-Charles Naouri was able to boast about the company's stock value, which had doubled in 5 years' time, nearly reaching 97 euro per share. Ever since April, the company has lost its spark and lost half of its value already. To turn the tide, Casino announced it will get rid of 2 billion euros' worth of debt.


That is why the French distributor is looking for investors for the "walls" of several shopping malls in Thailand (where it is active with its Big C brand) and Colombia (where it owns Exito), although it wants to maintain the majority of shares in its real estate projects. It does want to pull out of Vietnam though, where it has 31 hypermarkets and 10 convenience stores with a 600 million euro turnover (some 2.5 % of the group turnover).


Alongside several other "non-strategic assets", CFO Antoine Giscard d'Estaing hopes to find 2 billion euro in the "next 12 months. There is clear interest from potential investors", he said. Investors reacted in a relieved fashion.


Vietnam is only the next one in a long list of countries Casino has now vacated. It already pulled out of Poland (2006), the Netherlands (2009) and Venezuela (2010). Most of Casino's turnover comes from 2 countries: its home nation of France (19.6 billion euro) and Brazil (19.4 billion euro). The South American combination of Colombia, Argentina and Uruguay brings in 5.1 billion euro in turnover, Thailand about 1 billion euro.

Questions or comments? Please feel free to contact the editors

Dior exchanges Belgian CFO for British one


After eleven years as Dior Homme’s Chief Creative Officer, Belgian Kris Van Assche is to leave the fashion label to find new challenges. British designer Kim Jones will replace him.

Suitcase brand Rimowa cancels all dealer contracts


Suitcase brand Rimowa, part of luxury group LVMH since 2016, has stopped all of its dealer contracts. It wants to initiate a new procedure soon and only a fraction of the current dealers will get a new contract.

H&M disappoints once again


Swedish fashion chain Hennes & Mauritz had to present less than favourable results for its new fiscal year: investor trust has dwindled, now that sales in its home territory have also dropped for the first time in decades.

Bureau of Competition approves Yoox Net-a-Porter bid


The Italian Bureau of Competition has approved Swiss Richemont’s acquisition of Italian fashion webshop Yoox Net-a-Porter. The full bid, yet to be accepted, values the company at 2.7 billion euro.

Donatella Versace stops using fur


Italian fashion brand Versace will no longer use fur: designer Donatella Versace no longer wants to kill animals for fashion, she explained in an interview with The Economist.

"Best year ever" for Danish shoe brand Ecco


Ecco can look back on 2017 as its best financial year ever. The Danish shoe brand, known for its “follow the foot” philosophy, exceeded its own expectations thanks to an 8 % growth.

Back to top