The joint venture combines Tesco’s retail practices, international sourcing and multichannel capabilities with CRE’s strong local knowledge and brand, to create a business that is the largest food retailer in China.
“We’re very pleased to have completed this historic agreement,” said Tesco CEO Philip Clarke. “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.”
“We are very excited about the completion of this agreement,” said Hong Jie, CEO of CRE. “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 joint venture to become the leading multi-format retailer in Greater China, through improved operations, better growth and enhanced profitability.”
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