Tesco have announced plans to form a long-term ‘strategic alliance’ with French company Carrefour.
Carrefour is one of the largest hypermarket chains in the world, operating 12,300 stores across 30 countries and employs almost 375,000 people worldwide..
— Tesco News (@tesconews) July 2, 2018
The alliance between the retail giants will bring down prices, according today’s announcement, due to the combined buying power of the two companies.
Dave Lewis, Tesco Group Chief Executive, said: “I’m delighted to be entering into a strategic alliance with Carrefour. By working together and making the most of our collective product expertise and sourcing capability, we will be able to serve our customers even better, further improving choice, quality and value.”
‘Great Opportunity to develop our two brands’
Commenting on today’s announcement, Alexandre Bompard, Chairman and CEO of Carrefour Group, said: “This strategic alliance between Carrefour and Tesco is a major agreement as it combines the purchasing expertise of two world leaders, complementary in their geographies, with common strategies. This agreement is a great opportunity to develop our two brands at the service of our customers. This international alliance further strengthens Carrefour allowing it to reach a key milestone in the implementation of its strategy.”
The deal between the two companies will be formally agreed within the next two months.