Suning completes acquisition of Carrefour China
Suning has completed its acquisition of Carrefour China as it looks to accelerate the expansion of its bricks-and-mortar portfolio.
The news follows the announcement earlier this year that Suning would acquire an 80% stake in Carrefour China for €620 million.
Zhang Jindong, chairman of Suning Holdings Group, said: “This is a key step in Suning’s smart retail plans. Carrefour’s FMCG experience and supply chain capabilities can be integrated with Suning’s full-scenario retail model, solid logistics network and advanced technology. With our smart retail capabilities, Suning can transform the Carrefour stores into fully integrated online-and-offline supermarkets to meet evolving consumer demands.”
Suning has also announced that Suning vice president Tian Rui has been appointed as Carrefour China chief executive.
Carrefour China operates a network of 210 hypermarkets and 24 convenience stores. The business generated net sales of nearly RMB 30 billion in 2018.
