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Supermarket groups Carrefour and Tesco will not extend purchasing alliance

Supermarket groups Carrefour and Tesco will not extend purchasing alliance

Published : , on

PARIS (Reuters) – French supermarket group Carrefour and its British peer Tesco said on Monday they would not extend a purchasing alliance between the two companies.

They said in a joint statement that “they have decided not to extend their purchasing alliance beyond the three-year operational framework agreed in 2018.”

The alliance formally ends on Dec. 31, they said, adding that the two would now focus on opportunities independently.

The purchasing agreement https://www.reuters.com/article/cbusiness-us-carrefour-tesco-suppliers-a-idCAKBN1JT2IU-OCABS had aimed to allow Carrefour and Tesco to cut prices and expand ranges of their own-label products.

Carrefour has been keen to show it can grow by itself, after its potential takeover from Canadian rival Couche-Tard unravelled this year following French government opposition.

Carrefour agreed this year to buy Brazil’s third-biggest food retailer Grupo BIG, and the company also posted strong first quarter results in April.

By contrast, Tesco reported in April a 20% drop in full-year pretax profit as the cost of adapting the business for the pandemic wiped out the benefit of “exceptionally strong” grocery sales.

(Reporting by Sudip Kar-Gupta; Editing by Edmund Blair)

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

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