Welcome to Fibre2fashion.com    
fibre2fashion
Pilbloc
Textile | Apparel |  Fashion | Technology | Technical Textiles  | Corporate | Associations Android app on Google Play Android app on Google Play
 
Home >> News
 

Tesco completes establishment of Joint Venture with CRE

May 29, 2014 (United Kingdom)

Following its previous announcement and subsequent confirmation of the satisfaction of all conditions, Tesco has completed the formation of a Joint Venture with China Resources Enterprise, Limited (“CRE”) to create the leading multi-format retailer in China (the “Joint Venture” or “JV”).
 
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.
 
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.”
 

Tesco PLC
More Tesco PLC News...
More Apparel/Garments News - United Kingdom...

 
Email this
Story
Print this
Story
Letter to
Editor
Sign Up for
News Letter
Search
Companies
 
 
  RSS