France’s Carrefour takes steps to exit China with Suning.com deal
Europe’s largest retailer opts to gives up control of Chinese business
23 June 2019 - 20:07
Paris/Singapore/Beijing — Carrefour , Europe’s largest retailer, took a decisive step on Sunday towards a full exit of the Chinese market by selling a majority stake of its activities in the country to Suning.com.
Carrefour, which has been in China since 1995, has spent years trying to fix a business where sales fell 5.9% to €4.1bn in 2018 amid fierce competition from local players and a buoyant online market...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.