CRAI has confirmed it will invest EUR9m (US$11.7m) to open four supermarkets in China ahead of the 2008 Olympic Games.
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The stores will open in Beijing and Shanghai, the Milan, Italy-based grocer stated. The news comes on the back of a partnership between CRAI and Chinese partners, including the China National Silk Import Export Corporation. The deal involved other Italian companies including food and wine producers Consorzio Grana Padano, Cavit and Conserve Italia, and was supported by Simest, the Italian financial institution for the development and promotion of Italian businesses abroad.
In a planned second stage, CRAI and its partners will spend a further EUR14.4m to open 40 more shops under franchise, as well as 400 shop-in-shop corners, 12 cash and carry supermarkets and four distribution centres.
Projected annual turnover generated by the deal is EUR45m for the first stage and EUR700m for the second stage.
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