Euro 1 billion! Wumarts owner, Metro China: Take 70percent of the equity of the joint venture company

category:Finance
 Euro 1 billion! Wumarts owner, Metro China: Take 70percent of the equity of the joint venture company


Zhang Wen, founder and chairman of Wumart Group, said: We are very happy to cooperate with Metro Group through the establishment of a joint venture company. Metro brand has been deeply cultivated in China for 23 years. It has gained a leading market position and an unparalleled reputation for high standard food quality, which makes us highly admired. We believe that we have a common understanding with Metro Group, highly appreciate its meticulous control over food safety and product quality, and will continue to practice steadfastly. We are convinced that Wumart Group and multi-point Metro Group are ideal partners. We also have retail DNA and excellent digital advantages, a deep understanding of the local market, and successful experience in integrating and developing multinational brands and enhancing customer experience in China. These will fully tap and realize the potential of Metro China. We fully agree that Metro China operates independently and maintains a management team led by Mr. Kant, President of Metro China. We will continue to invest to continue the successful chapter of Metro China as the most reliable food supplier for millions of customers.

Olaf Koch, chief executive of Metro Group, said: we are very satisfied with the achievements of Metro in China. We are deeply honored to have the opportunity to participate in the rapid growth of Chinas economy and to provide high-quality products and services to Chinese end-users. Chinas retail market has tremendous growth opportunities, and joint ventures will be able to maximize these opportunities. After careful evaluation, we choose to establish partnerships with Wumart Group and multiple partners. These two companies are trustworthy and respected partners of Metro. They share the same values with Metro, can bring a lot of resources and expertise, and promise to seek development on the basis of Metros past achievements and footprints in China. We believe that this strategic joint venture will have a greater competitive advantage, not only for our Chinese stakeholders, but also for Metro Group and its shareholders to benefit from the joint venture development and success in the coming years.

Claude Sarrailh, Chief Executive Officer of Metro China, said: We are pleased to choose Wumart Group as a joint venture partner, which will enable Metro China to continue to develop on the basis of its existing achievements. Wumart attaches great importance to all assets of Metro China, including high-quality employees, operational expertise and systems. We believe that Wumart Group and many points will accelerate our new retail transformation and ensure that Metro continues to succeed in the rapidly changing and competitive Chinese market. We are particularly pleased that Wumart holds the same values as us and adheres to our commitment to Metro DNA and brands, including upholding the highest standards of food safety, product quality and providing numerous international brands and Metros own brands. We anticipate that our cooperation will achieve many significant synergies. We look forward to continuing to provide high-quality services to Chinese customers and further expand our business through digital operations, new stores and other growth initiatives. In 1996, Metro opened its first spot-purchase and self-transport wholesale mall in Shanghai, bringing a new business concept to China. Metro is the first foreign-funded commercial giant in China to obtain approval from the central government and allow the establishment of chain stores in major cities of China. So far, Metro has opened 97 shopping malls in 59 cities in China, with more than 11,000 employees and 17 million customers across the country. Source: Peng Mei News Responsible Editor: Zhong Qiming_NF5619

Claude Sarrailh, Chief Executive Officer of Metro China, said: We are pleased to choose Wumart Group as a joint venture partner, which will enable Metro China to continue to develop on the basis of its existing achievements. Wumart attaches great importance to all assets of Metro China, including high-quality employees, operational expertise and systems. We believe that Wumart Group and many points will accelerate our new retail transformation and ensure that Metro continues to succeed in the rapidly changing and competitive Chinese market. We are particularly pleased that Wumart holds the same values as us and adheres to our commitment to Metro DNA and brands, including upholding the highest standards of food safety, product quality and providing numerous international brands and Metros own brands. We anticipate that our cooperation will achieve many significant synergies. We look forward to continuing to provide high-quality services to Chinese customers and further expand our business through digital operations, new stores and other growth initiatives.

In 1996, Metro opened its first spot-purchase and self-transport wholesale mall in Shanghai, bringing a new business concept to China. Metro is the first foreign-funded commercial giant in China to obtain approval from the central government and allow the establishment of chain stores in major cities of China. So far, Metro has opened 97 shopping malls in 59 cities in China, with more than 11,000 employees and 17 million customers across the country.