Suning.com acquires Carrefour China for €620mn
Fortune Global 500 retailer Suning.com has acquired an 80% equity stake in Carrefour China for €620mn, making it the controlling shareholder of the retailer’s 210 hypermarkets and 24 convenience outlets across China.
In its press release, Suning.com, itself owned by Suning Holdings Group, said that its brick-and-mortar acquisitions in 2019 will strengthen its position as leader in China’s fast-moving consumer goods (FMCG) market.
The firm also purchased Wanda Group’s 37 Chinese stores earlier this year.
"In the future, we expect to open up the access for Suning's various business models, such as household electronics selling, Redbaby, JIWU, Suning Financial Services, SuFresh and Suning Xiaodian's Immediate Delivery, to get into Carrefour China's stores located in the central business and living areas of Chinese 1st and 2nd tier cities,” said Tian Rui, Vice President of Suning.com, in the press release.
“It will help us better meet more consumers' needs due to strengthened core capabilities achieved by retail store innovation. With 400 million registered customers of the Company's retailing segment, Suning.com's users-ecosystem will also be complemented with Carrefour China's membership system, fully improving the customer value."
Carrefour China’s registered customer base sits at around 30mn, and in 2018 its net sales amounted to €3.6bn.
- 5 Mins With: Jeff Li, founder and CEO of ShoplazzaLeadership & Strategy
- Meet Vipshop – China’s best and most sustainable employerSustainability
- Asia is world’s most expensive continent, with Hong Kong topLeadership & Strategy
- Klarna kickback: 5 winning BNPL strategies for retailersLeadership & Strategy