The future direction of Carrefour was in the spotlight this week as the market waited to hear what CEO Georges Plassat had in mind for the retailer. Plassat outlined his plans but there was frustration he did provide more financial details. The retail sector dominated our coverage this week, with news Tesco plans to close stores in China, an interview with Russian retail giant Magnit and speculation MARKS AND SPENCER could be on the radar of private-equity firms. Elsewhere, Denmark is expected to scrap a tax on fat it introduced last year.
In the spotlight: Frustration at coy Carrefour CEO Plassat
Robust, single-minded and colourful were three words that sprung to mind as Carrefour CEO Georges Plassat discussed his plans for the French retail giant yesterday (30 August). However, some were frustrated at the lack of detail, arguing it will be difficult to judge whether Plassat’s strategy will succeed in turning around the world’s second-largest retailer.
DENMARK: Danish government set to scrap fat tax
Denmark’s government is on the brink of scrapping a tax on saturated fats in food, less than a year after bringing in the policy.
IRELAND: Glanbia to sell stake in dairy ingredients arm
Glanbia is to sell a 60% stake in its Irish dairy ingredients arm in a bid to divert resources to more attractive parts of its business.
Talking shop: City sees rationale in PE interest for M&S
Marks and Spencer may have indicated there is nothing to announce but reports of private-equity interest in the upmarket UK grocer has got the industry talking.
The just-food interview – Magnit deputy CEO Oleg Goncharov
Russian retail colossus Magnit can lay claim to having had a rather buoyant year. As one of the country’s largest food retailers, it has grown in tandem with the country’s middle-class and seen its profits more than double in the first half of 2012. Michelle Russell talks to Oleg Goncharov, Magnit’s deputy CEO and investor relations director, about the retailer’s confidence in the market, opportunities for growth and the year ahead.
RUSSIA: Fuchs latest senior exec to leave X5 Retail Group
Jan Fuchs has become the latest senior executive to leave Russian retailer X5 Retail Group.
CHINA: Tesco to close four hypermarkets
Retail giant Tesco is to close four of its hypermarkets in China as it grapples with what it called the “challenging” economic environment in the country.
On the money: Heinz to ramp up marketing
US food giant Heinz has said it expects a “sizeable” increase in marketing throughout the remainder of its financial year.
AUS: Goodman Fielder to sell Integro oils unit to GrainCorp
Australian food manufacturer Goodman Fielder has agreed to offload its Integro commercial oils business to local grain trader GraIncorp.