Carrefour sells China business to Suning.com

Carrefour is selling a majority stake in its Chinese business

Carrefour has become the latest big Western retailer to beat the retreat in China after agreeing to sell its business there.

The French giant offloaded 80% of its Chinese division to Suning.com, in a deal valued at €1.4bn.

Carrefour launched in China in 1995 and has 210 hypermarkets and 24 convenience stores there. However, last year it only generated EBITDA of €66m on sales of €3.6bn.

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