Carrefour has quit the Swiss market with the sale of its stake in a local retail venture in the country.
The French retail giant struck a deal with venture partner Maus Frères to sell the Distributis venture to Swiss retailer Coop for CHF470m (US$390.5m).
Both Carrefour and Maus Frères owned a 50% stake in Distributis, which generated sales of EUR504m (US$679m) but only accounted for just 1.1% of the market.
Carrefour said the sale reinforced its strategy of concentrating “its efforts on the countries and regions offering the most attractive profitability and growth profile”.
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