Carrefour boss rules out exiting more countries after China deal

News June 25, 2019 2 Comments

Carrefour boss rules out exiting more countries after China deal

PARIS: Carrefour boss Alexandre Bompard said he had no plans to exit other countries after the French supermarket retailer agreed to sell a majority stake in its Chinese operations to electronics retailer Suning.com.

“China was a very specific situation, a very small market share, a small player with losses. When I came in, I saw that size was an issue. The other countries do not have the same configuration.” Bompard told BFM Business TV on Tuesday.

Advertisement

Advertisement

“One must focus on the strategic battles. I would love to lead all the battles. In China, when you have a 2.8 percent market share, you have lost the digital battle even though our teams did a wonderful job,” he added.

Carrefour on Sunday became the latest Western retailer to retreat from the Chinese market as fierce competition from domestic rivals and a growing online market puts pressure on foreign firms.

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

Leave a Reply

Your email address will not be published. Required fields are marked *