Suning Holdings Group to Buy Carrefour’s Chinese Business

Carrefour Group (Boulogne-Billancourt, France) is intending to sell a portion of its business in China to Suning.com for $699 million, or 4.8 billion yuan, according to the Nikkei Asian Review. The Suning Holdings Group will acquire an 80 percent stake in Carrefour China after the purchase, which operates hypermarkets.

While Carrefour has operated in China since 1995, its net loss in 2018 reached 600 million yuan and its revenue was down 8 percent to 29.9 billion yuan, according to Nikkei Asian Review, which “fueled talk of a potential exit.”

There is no news regarding the restructuring of the businesses with regards to management or payroll at this time.