Carrefour, the world’s second-largest retailer, today (7 October) issued a firm rebuttal against speculation that it could quit markets like China and Brazil.
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In an unusual move, the French retail giant published a short statement in a bid to stop talk that the company could look to scale back its international business.
“Carrefour does not usually comment on rumours, but given their persistence, it denies that it will stop its activities in growth markets,” the company said.
The “rumours” first emerged in the French press last week when a report in Le Monde claimed that Carrefour’s largest investors – Colony Capital and Bernard Arnault – were placing the company’s management under pressure to sell its operations in emerging markets.
Analysts warned that Carrefour’s potential would be limited if it did quit markets like China but today the company insisted countries like Brazil and China were long-term priorities for the business.
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By GlobalData“The group points out that its strategy has been fully validated by the board of directors. The strategic guidelines presented last March are unchanged: the geographical priorities are France and the other G4 countries, and over the medium and long term, growth markets, particularly Brazil and China.”
