Europe’s largest retailer calls it quits in China
June 24, 2019
French multinational retailer Carrefour has struggled to make a go of it in China since first entering the market in 1995, especially more recently as local companies have grown and prospered. Carrefour signaled its full exit from the competition yesterday with the announcement of the sale of 80 percent of its holdings in China to Suning.com for 620 million euros in cash. Carrefour’s sales in China reportedly fell 5.9 percent last year to 4.1 billion euros ($4.66 billion).
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