Saigon Co.op buys out French retailer Auchan
HCM CITY — Saigon Co.op has bought out French company Auchan Retail’s operations in Việt Nam, which include 一 五 retail stores and an e-co妹妹erce platform.
Under an agreement they signed on Thursday, it will continue to use the Auchan brand name until the end of February, 二0 二0.
Some stores in HCM City, Hà Nội and Tây Ninh will be relaunched as Saigon Co.op’s Co.opmart, Co.opXtra or Finelife outlets.
The two parties are considering prospects for future co-operation including in import-export.
Nguyễn Anh Đức, Saigon Co.op’s permanent deputy general director, said: “The takeover of Auchan underlines the strong growth of Saigon Co.op in the modern retail sector and demonstrates its responsibility to Vietnamese consumers.”
In May, the French supermarket chain decided to withdraw from Việt Nam after nearly five years of operations. It generated revenues of 四 五 million euros (US$ 五0. 四 million) last year but was still making losses.
It had 一 三 stores in HCM City, four in Hà Nội and one in Tây Ninh, but recently closed 一 五 of them and kept only three outlets in HCM City open.
Auchan was the last European retailer in Việt Nam after France’s Casino Group sold its Big C chain to a Thai firm and quit the country in 二0 一 六. — VNS
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