The partnership will initially focus on northern India, with further expansion planned across the country and the first store openings expected in 2025, Carrefour said on Friday.
Why is it important?
With a population of approximately 1.4 billion people, India is one of the largest food markets in the world, with the added attraction of growing consumer purchasing power.
Key quotes
Patrick Lasfargues, Carrefour’s CEO of international partnerships, said: “Carrefour’s arrival in India marks an important step in our strategy to expand our franchise into more than 10 new countries by 2026.”
Nilesh Ved, Owner, Apparel Group and Chairman, AppCorp Holding, said: “Our aim is clear – to offer the best products at very attractive prices to all Indian customers and make Carrefour their favourite brand to shop from.”
Context
India is facing severe food price inflation, which accounts for almost half of the overall consumer price basket, weighing on the country’s fast-growing economy.
Carrefour, one of the world’s largest retailers with 14,000 stores in nearly 40 countries, previously tried to conquer the Indian market through a partnership with another local retailer but pulled out in 2014, saying the market was underperforming.
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