July 2, 2018 / 6:11 AM / 21 days ago

Retailers Carrefour, Tesco join forces in strategic alliance

PARIS, July 2 (Reuters) - French supermarket retailer Carrefour and British peer Tesco announced on Monday plans to form a global long-term purchasing alliance, as they seek to cut costs.

The deal is the latest partnership within the European retail industry, which has seen U.S. internet giant Amazon make in-roads into the sector in recent months.

The alliance will cover the strategic relations with global suppliers, the joint purchasing of own-brand products and goods not for re-sale, said Carrefour in a statement.

Carrefour, Europe’s largest retailer, in January announced plans to cut costs and jobs, boost E-commerce investment and seek a partnership in China, in an effort to lift profit and revenue and beat domestic rivals in the race to develop digital shopping products. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

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