In this operation, the local group Suning.com takes over 80% of the French group’s business in China and the latter will retain 20% and two positions on the board of directors

The French giant of the Carrefour distribution, in full restructuring in France and abroad, announced on Sunday the sale of 80% of its activities in China to the local Suning.com group for 620 million euros.

“The price for the purchase of 80% of the shares of Carrefour China is 4,800 million renminbi, ie 620 million euros,” the group said in a statement.

The operation will close before the end of the year.

Following this operation, Carrefour will retain 20% of the new set, as well as two of the seven positions of the Carrefour China supervisory board.

Present in China since 1995, Carrefour China has 210 hypermarkets and 24 proximity stores. In 2018, it generated a turnover of 3,600 million euros (-10% compared to the previous year).

Suning.com is a distribution giant in China with 8,881 stores in more than 700 cities.