Tesco completes joint venture to create China’s largest food retailer

Tesco has completed the formation of a Joint Venture with China Resources Enterprise, Limited to create the leading multi-format retailer in China

The JV combines Tesco’s best-in-class retail practices, international sourcing and multichannel capabilities with CRE’s strong local knowledge and brand, to create a business which is the largest food retailer in China, the company said.

Philip Clarke, CEO of Tesco said: “We’re very pleased to have completed this historic agreement. The partnership creates a strong platform in one of the world’s largest markets. We can now combine our strengths to build a profitable multichannel business, offering our customers in China the best of modern retail.”

Hong Jie, CEO of CRE, said: “We are very excited about the completion of this agreement; it also marks a major milestone for our business development. We believe that this partnership is one that combines the strength of both parties and enables the JV to become the leading multi-format retailer in Greater China, through improved operations, better growth and enhanced profitability.”

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