Casino has sold Big C Vietnam to Central Group for EUR1bn.
Ends longstanding presence in Asia
Casino announced its desire to sell the Vietnamese operation in December 2015, ending a presence of more than 18 years in the market. It has divested the network to Thai-owned conglomerate Central Group, which also has interests in real estate, department stores, hospitality and restaurants. Casino divested Big C Thailand to TCC Group, in February, marking the end of its retail operations in Asia.
Local sourcing policy to continue
Big C Vietnam has strong relationships with local farmers and suppliers. Casino said Central Group, in partnership with Vietnamese group Nguyen Kim, would continue Big C Vietnam's strategy of sourcing domestically-produced goods. Casino also said it would continue sourcing Vietnamese food products distributed in France, Brazil and Colombia.
Central Group investing in expansion
Central Group is the parent company of Thailand's fourth-largest grocery retailer, Central Food Retail. It is investing USD1.1bn in expanding its business, opening new shopping malls, department stores, hotels and supermarkets in the coming year. The group plans to open 420 retail stores in total, including Tops supermarkets and FamilyMart convenience stores.