Rumours about change of course Carrefour in China

Rumours about change of course Carrefour in China

French chain Carrefour is rethinking all its activities in China and Taiwan, says the Wall Street Journal. The distributor is either going to bring its activities to the exchange in Hong Kong separately, or go into a partnership with a (local) partner. The operation could make the French company about 1 billion dollar (about 750 million euro) richer.

Take with caution

The news should however be taken with the necessary caution: the business paper says theproject is in a very early stage and Carrefour is not yet working with a business bank.

 

French LSA is also pointing out that the Chinese activities are not officially on display and it says CEO George Plassat said that “major divestments are behind us”. To the question whether they were going to divest more assets, he answered: “Will we remain in the same situation everywhere? That is not certain. But I have no need, nor do I want to, monetize any important assets.”

 

Number 4 in China

According to that same source Carrefour wants to use the money from the operation to speed up its expansion on the Chinese market. Euromonitor's stats show that the French giant only has a market share of 6.9% in the vast country: in 2006 that was 9.1% - a trend CEO Plassat wants to turn around as soon as possible.

 

At the moment Carrefour is the number four in China, with sales of 6.4 billion euro in 2012 (8% of company sales). Market leader, Sun Art Retail Group, is almost twice as big in China, with a market share of 13.6%.

Questions or comments? Please feel free to contact the editors


Richemont wants to gain full control over Yoox Net-a-Porter

22/01/2018

Swiss luxury group Richemont proposed to obtain a majority stake in online retailer Yoox Net-a-Porter. The move is a way to implement its online strategy faster.

Decent profit for The Sting in fiscal year 2016

22/01/2018

Fashion chain The Sting generated a profit once more in 2016, after it had to deal with a more than 5 million euro loss in the year before. Affiliate brand Costes also generated a profit in its fiscal year 2016.

Lower turnover and new CEO for Geox

19/01/2018

Italian shoe brand Geox’ turnover dropped slightly in the past fiscal year. It also replaced former CEO Gregorio Borgo with Matteo Mascazzini, who came from Italian fashion brand Gucci.

Slower growth for Primark

18/01/2018

Irish fashion chain Primark has seen its first quarter turnover grow 7 % at level exchange rates and 9 % taking the fluctuations into account. Analysts however had expected faster growth.

Zalando's profit is slightly below expectations

17/01/2018

German fashion web shop Zalando has grown nearly a quarter in the past fiscal year and its company profit also nearly grew 5 %, although the latter was slightly below its own expectations.

Record turnover for Yoox Net-a-Porter in 2017

16/01/2018

Online retailer Yoox Net-a-Porter (YNAP) achieved a record turnover in 2017, surpassing two billion euro. That is a growth of more than 10 % compared to the year before, when it just missed that milestone.

Back to top