The CEO of French retailer E.Leclerc has said he wants to leapfrog Carrefour as the country’s number one retailer by 2015.
Michel-Edouard Leclerc, speaking to French newspaper Le Monde, said: “Our objective is to dethrone Carrefour between now and 2015, thanks to an annual growth rate of 4.5% to 5.5% a year.”
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He added that he wants to increase the company’s market share from 17.5% to 18% in 2012 by dropping prices and enhancing its online sales.
Carrefour is struggling in France and has issued a number of profit warnings. The most recent was announced two weeks ago, when the world’s second-largest retailer said last week that its annual operating income could fall by 15-20% this year.
Last week, shareholder Knight Vinke Asset Management also urged the French retail giant to appoint an independent chairman.
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In an open letter to Carrefour stakeholders, Knight Vinke CEO Eric Knight said the investment fund, which owns 1.5% in the retailer, “cannot stand by and watch without reacting” to the retailer’s struggles.
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