Carrefour CEO George Plassat has intimated that its Chinese division may be destined for stock market flotation.
A comment of Plassat's printed by Les Échos, the French daily economics-focused newspaper, has led to speculation that Europe's biggest retailer might do in China what it has done in Brazil (where it permitted Abilio Diniz to purchase a ten-per-cent holding last month).
"Our ambition in China is similar [to what we have done in Brazil]; we have worked with indigenous partners there, and we're not ruling out a stock market listing. "
The Chinese middle class will grow from 230 million people to 630 million in ten years, according to estimates. Plassat believes this makes China very worthwhile in terms of acquiring capital for investment.
Carrefour, Europe's largest retailer, reported fourth-quarter sales that matched analyst estimates, as growth in Brazil compensated for short-term weakness in China.
Its stock was down by 0.2 per cent in early trading today; the Stoxx Europe retail index was up 0.25 per cent.
© 2014 European Supermarket Magazine – your source for the latest retail news. Article written by Peter Donnelly
