Carrefour teams up with Dubai's Apparel Group to expand into India
PARIS, Sept 9 (Reuters) -French multinational retail giant Carrefour CARR.PA is launching a franchise partnership with Dubai-based Apparel Group to establish its presence in India.
The partnership will be aimed at North India initially, with further expansion planned across the country and the first store openings expected in 2025, Carrefour said on Friday.
WHY IT'S IMPORTANT
With a population of about 1.4 billion people, India is one of the world's largest food markets with the additional attraction of rising consumer spending power.
KEY QUOTES
Patrick Lasfargues, executive director of international partnerships at Carrefour, said: "The arrival of Carrefour in India marks an important step in our strategy of expanding our franchise in more than 10 new countries by 2026."
Nilesh Ved, owner of Apparel Group and president of AppCorp Holding, said: "Our goal is clear: to offer the best products at very attractive prices to all Indian customers and make Carrefour their favourite brand to shop."
CONTEXT
India is grappling with severe food price inflation, which accounts for nearly 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 close to 40 countries, previously tried to conquer the Indian market through a partnership with another local retailer, but withdrew in 2014, saying the market was underperforming.
Reporting by Tassilo Hummel
Editing by David Goodman
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