French supermarket group Casino Guichard Perrachon has raised its equity stake in its Cdiscount subsidiary.
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Casino hopes the move will facilitate a capital injection in Cdiscount to help it expand.
Casino said that, with its parent company Rallye, it now owns 78.5% of the outstanding shares in Cdiscount, with the Charle brothers retaining a 21% stake.
Casino said the investment would provide Cdiscount “with the resources needed to strengthen its position as France’s leading e-tailer and step up its expansion drive”.
At the same time, Cdiscount has changed its corporate governance structure with the creation of an executive board and a supervisory board, the latter being comprised of Casino representatives.
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By GlobalDataXavier Gandillot was named chairman of the executive board earlier this month. Casino said Gandillot would bring expertise in consumer-oriented businesses to the company.
Meanwhile, the Charle brothers will continue “to contribute their sales, marketing and business development skills”. They will remain as members of the executive board. Casino is also looking to appoint a chief financial officer, and said an executive search is now underway.
Cdiscount posted revenues of EUR547m (US$757m) for the year to the end of March.
