Menu
29/05/2014
Tesco And CRE To Create Largest Food Retailer In China
Tesco has completed the formation of a Joint Venture (JV) with China Resources Enterprise, Limited (CRE) to create the leading multi-format retailer in China.
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: "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: "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."
(CVS/CD)
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: "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: "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."
(CVS/CD)
Related UK National News Stories
Click here for the latest headlines.
13 February 2004
Bird flu 'still not under control' despite culls
Although some 80 million chickens have so far been culled to fight the Asian bird flu epidemic, the spread of the virus is still not under control in several countries, the United Nations Food and Agriculture Organization (FAO) said today.
Bird flu 'still not under control' despite culls
Although some 80 million chickens have so far been culled to fight the Asian bird flu epidemic, the spread of the virus is still not under control in several countries, the United Nations Food and Agriculture Organization (FAO) said today.
07 October 2014
Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
17 July 2006
Parents warned over children's internet use
A third of children, many as young as 11, use blogs and social networking sites at least two or three times a week, yet two-thirds of parents don't know what a blog is, a new report has revealed. The 'Get I.T.
Parents warned over children's internet use
A third of children, many as young as 11, use blogs and social networking sites at least two or three times a week, yet two-thirds of parents don't know what a blog is, a new report has revealed. The 'Get I.T.
18 April 2012
£1bn Makeover For Tesco
Tesco have announced a £1bn store makeover after UK profits have fallen for the first time in more than 20 years. "We fully recognise that we need to raise our game in the UK," said Tesco's chief executive, Philip Clarke, after the country's biggest retailer reported a 1% fall in UK profits to £2.5bn.
£1bn Makeover For Tesco
Tesco have announced a £1bn store makeover after UK profits have fallen for the first time in more than 20 years. "We fully recognise that we need to raise our game in the UK," said Tesco's chief executive, Philip Clarke, after the country's biggest retailer reported a 1% fall in UK profits to £2.5bn.
30 September 2008
Tesco's 10% Profit Growth Amid Weak Economy
Weaker trading conditions have not refrained Tesco from meeting half-year profit targets - with the supermarket giant today reporting a 10% growth in UK sales. Adverse market conditions have failed to damage the retailer's performance - amid calls for interest rate cuts and radical moves to stabilise the global financial services industry.
Tesco's 10% Profit Growth Amid Weak Economy
Weaker trading conditions have not refrained Tesco from meeting half-year profit targets - with the supermarket giant today reporting a 10% growth in UK sales. Adverse market conditions have failed to damage the retailer's performance - amid calls for interest rate cuts and radical moves to stabilise the global financial services industry.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
