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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… View Article

GENERAL MERCHANDISE

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.

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