Carrefour accelerates its expansion in Taiwan with the acquisition of 224 stores
(TAIWAN, 6/3/2020)
Carrefour has concluded an agreement with Dairy Farm to acquire Wellcome Taiwan, thereby consolidating its position as the main multi-format food distributor in this market.
Carrefour is accelerating in East Asia. The retail giant announced Tuesday the acquisition by the end of 2020 of 224 convenience stores in Taiwan, where it will become number 2 in the convenience store sector. "Carrefour has concluded an agreement with Dairy Farm to acquire Wellcome Taiwan, thus consolidating its position as the main multi-format food distributor on this market," said in a Carrefour press release, which said that the valuation of the operation reached 97 million euros. euros. In 2019, these 224 Wellcome stores in Taiwan achieved cumulative duty-free sales of around 390 million euros.
Carrefour currently operates 137 stores in Taiwan, including 69 convenience stores under the Market banner. In 2019, the group posted net sales of € 1.97 billion in 2019, gross operating surplus of € 209 million and current operating income of € 83 million. Carrefour plans to convert 199 of the stores acquired under the Market brand during the 12 months following the transaction, then 25 others under a Carrefour premium brand.
In addition, Wellcome will bring its recognized expertise in fresh produce and will contribute to the development of food e-commerce, each store becoming a new pick-up point for e-commerce orders.
The transaction is subject to customary conditions and is expected to close by end-2020.
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