Carrefour, second only to Walmart in the retail world, has big plans to change.
New CEO Alexandre Bompard has earmarked $4.5 billion over four years — six times their current investment — in e-commerce in a bid to catch up with other online retailers like Amazon, who’s rumored to be looking at making a jump into the European market which Carrefour currently dominates, according to The Business Times.
The company also cut a deal with Chinese tech company Tencent and retailer Yonghui giving the two firms a stake in the long-embattled Carrefour China, though Carrefour retains the largest stake. [Business Times] — Erin Hudson