Foreigners Mourn Carrefour's Retreat From China, Marking the End of a Retail Era

KYLE MULLIN | June 26, 2019

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Carrefour regulars looking for a discount might be dismayed by its latest markdown. Earlier this week the French retailer sold 80 percent of its China ownership stake to domestic retailer Suning.com for RMB 4.8 billion (USD 698 million), a valuation of 0.2 times its 2018 sales. That is well below the 0.8 times industry average, which is “likely due to poor financial results," according to Bloomberg. It is a stark reversal of fortunes for one of the first foreign retailers in China. Since its debut in 1995, Carrefour has gone on to operate 210 supermarkets and 24 convenience stores nationwide. However, its 2018 sales in China stood at RMB 28.20 billion (USD 4.10 billion), a roughly 10 percent decline from the previous year, according to Channel News Asia.

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OTHER ARTICLES

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Article | December 15, 2020

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Spotlight

CafePress Inc.

The recognized pioneer in the customizable retail products industry, CafePress is a leading online retailer driven by personalized content and products that are aspirational, inspirational and motivational. Founded in 1999 around driving self-expression through the intersection of printing & technology innovation on hundreds of retail products, today CafePress has evolved into a celebrated "platform" that provides individuals with the ability to express ideas, feelings or passions on hundreds of items they can choose to share with the world or treasure in private. CafePress’ reach extends through hundreds of customizable items, a vast community of designers and via partnerships with highly recognizable major brands and entertainment properties.

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