Carrefour has sold its stake in its venture in Indonesia, the latest move to refocus its attention on a smaller number of markets worldwide.
The Carrefour banner will still be present in Indonesia but the chain will be run on a franchise basis by local partner CT Corp., which has paid EUR525m (US$672.3m) for the French retail giant's 60% stake in their venture.
Carrefour, which entered Indonesia in 1998, has 84 stores in the country. Two years ago, Carrefour sold 40% of its business in the country to CT Corp. Today (20 November), it announced it had offloaded the rest to its Indonesian partner, which will become Carrefour's exclusive franchisee in the country.
Carrefour CEO Georges Plassat, who joined the business in May, is aiming to bring more clarity to the company after years of under-performance.
Last month, it agreed to offload its stores in Malaysia to Japanese retailer Aeon, the third sale since Plassat took charge in May.
Since Plassat became CEO, Carrefour sold its interest in its Greek operations to its local franchisee and sold its stores in Colombia to Chile's Cencosud for EUR2bn.
