7th Jun 2021 08:38
(Alliance News) - Supermarket chain Tesco PLC confirmed on Monday that it will not be extending its purchasing alliance with Paris-based retailer Carrefour SA beyond 2021.
Welwyn Garden City, England-based Tesco said that it and Carrefour have decided not to extend their purchasing alliance, agreed back in 2018, beyond the three years ending December 31, 2021.
"Over the last three years, Tesco and Carrefour have benefited from a number of joint buying opportunities across food and general merchandise categories, enabling access to new suppliers, new sources and new products. Moving forward, both companies have agreed that they will continue this work independently and focus on their own opportunities, building on the experience and the progress made during the alliance period," said Tesco.
The alliance will run until the end of 2021 and then end.
The purchasing agreement had originally aimed to allow Tesco and Carrefour to reduce prices, cut costs and expand ranges of their own-label products.
Shares in Tesco were up 0.6% to 226.35 pence in London early Monday morning. Carrefour shares were trading 0.5% higher at EUR17.41 in Paris.
By Will Paige; [email protected]
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