BEIJING, Sept. 27 (Xinhua) – Chinese retailer Suning.com announced on Friday that its wholly-owned subsidiary Suning International Group Co., Ltd has completed the acquisition of an 80 percent stake in Carrefour China on Thursday.
After the completion of the transaction, Suning.com could further enrich the layout of its smart retail scenario, accelerate the development of its offline retail business and enhance the company's market competitiveness.
In late August, Suning.com gained approval from China's State Administration for Market Regulation to acquire an 80 percent stake in Carrefour China for 4.8 billion yuan.
The Nanjing-headquartered Suning.com owns one of China's leading e-commerce platforms with more than 400 million users and has opened 8,881 stores in China by the end of last year. The retailer saw its net profit increase 216.2 percent in 2018 to 13.3 billion yuan, thanks to soaring online consumption. (Edited by Yang Yifan, firstname.lastname@example.org)