Yonghui Superstores Says Co, Tencent To Invest In Carrefour China Holdings Equity

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French retailer Carrefour SA (CA.FR) on Tuesday announced a sweeping reorganization including job reductions and potential store closures aimed at shoring up its faltering performance.

If it doesn't find a buyer for the 273 former Dia stores it plans to divest, they will be closed.

Shares of Yonghui Superstores rose 0.3% in Shanghai on Tuesday, while Tencent jumped 3.2% in Hong Kong. Alexandre Bompard, Carrefour chief executive has just taken to the stage at Carrefour headquarters at Boulogne-Billancourt, so with that in mind, ESM presents a live blog on the latest updates from this "significant" announcement. Carrefour is targeting cost savings of €2bn annually by 2020.

The company is looking for a boost at its struggling Chinese unit via partnerships with Tencent and grocer Yonghui.

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The retailer's product mix is to be redirected towards more organic produce, with a target of increasing sales in that segment nearly four-fold by 2022, it said.

"We are now grappling with a profound global movement", the company said in a statement.

Bompard came aboard in June from media and electronics retailer Fnac, where he integrated online services and spearheaded the acquisition of appliance chain Darty.

France's Carrefour group says it is overhauling its business in a transformation plan involving thousands of job cuts, a product revamp and new partnerships in China. The company said it plans to streamline its online offerings in France with a single digital platform for generalist shopping, and will open 2,000 convenience stores in the next five years in major cities.


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