- Published on Wednesday, 21 November 2012 14:23
Carrefour is set to exit Indonesia, having agreed to sell its 60per cent stake in Carrefour Indonesia to local partner CT Corp for €525 million. The move is the latest in the France-based group's streamlining of its international operations, in a strategy to focus on its markets where it has a "strong position."
Carrefour first entered Indonesia in 1998, and is the third-largest retailer there, with net sales of €1 billion in 2011. CT Corp, already a 40 per cent stakeholder in Carrefour's Indonesian operation, will now have full control of Carrefour Indonesia’s 85 stores and will continue to operate the use the Carrefour brand in the country. The Indonesian transaction will take place in January 2013, subject to the approval of the Indonesian anti-trust authorities.
The retreat from Indonesia will be the French retailer’s fifth exit under CEO Georges Plassat’s strategy of focusing on its core operations. The second-largest retailer in the world exited Colombia and Greece earlier this year and sold its Malaysian operations last month to Aeon, Japan's leading supermarket retailer. It has also announced the closure of its two stores in Singapore before the end of the year. Meanwhile, Carrefour Romania has opened its 13th Carrefour Express store
this week. (21 Nov)