Suning.com has completed its acquisition of Carrefour’s Chinese business, as the retailer looks to accelerate the expansion of its bricks-and-mortar portfolio.
The Chinese retail giant completed the €620m (£511.1m) deal overnight, taking an 80% equity stake in Carrefour China, after the two retailers reached an agreement in June.
Suning said that the Carrefour China brand will “remain independent,” but would benefit from its “retail cloud model, open technology, logistics and supply chain capabilities”.
The Chinese retailer’s chairman Zhang Jindong also said that Carrefour China would look to open 300 new concept stores in cities over the next five years.
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