French retailer Carrefour SA has bought a 51% stake in Baolongcang, owner of 11 hypermarkets based in Hebei province. This adds at least 30 new outlets in China to the Carrefour line.
Carrefour did not disclose the financial details of the acquisition but Eric Legros, president and CEO of Carrefour China, said the company is scheduled to reopen these outlets in November after upgrading work is finished.
Baolongcang, which reported RMB1.06 billion (US$159.4 million) in net sales last year, mainly has stores in Hebei and Shandong provinces.
China Knowledge.com reported that in 2009, Carrefour, the world’s second-largest retailer by sales after Wal-Mart, posted sales of US$5.38 billion from its 156 hypermarkets and 360 discount stores.
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