French group Carrefour is leaving Taiwan after all: the retailer is selling its Taiwanese operations to local partner Uni-President. Rumours about an exit from the country had been circulating for some time.
Carrefour is selling its 60 % stake in Carrefour Taiwan to fellow shareholder Uni-President, a retail group that also operates the 7-Eleven brand in Taiwan. Carrefour Taiwan will continue to use the brand Carrefour the coming years.
The transaction values Carrefour Taiwan at two billion euros, which is more than analysts had estimated. Not only does the French retailer seem to be doing a good business with the sale: moreover, this operation allows the retailer to concentrate on core markets in Europe and Latin America. Carrefour now has no activities in Asia any more, after its earlier exit from China.
Rumours about a sale of the Taiwanese activities have been circulating for a year. Carrefour did not confirm these rumours at the time, but said it was “reflecting on the critical mass of its international subsidiaries.” In March, Uni-President indicated that the plans were indeed concrete.
Carrefour Taiwan was founded in 1987 through a joint venture between Carrefour and Uni-President, and it has grown strongly since then. In 2021, the company had a turnover of 2.5 billion euros and an EBITDA of 243 million euros, with 340 stores and 15,000 employees.