Tesco has completed its deal to form a joint venture with China Resources Enterprise to create the “leading multi-format retailer in China”.
According to Retail Week, Tesco said the JV combines its “best-in-class retail practices, international sourcing and multichannel capabilities with CRE’s strong local knowledge and brand, to create a business which is the largest food retailer in China”.
Tesco chief executive Philip Clarke said: “We’re very pleased to have completed this historic agreement. The partnership creates a strong platform in one of the world’s largest markets. We can now combine our strengths to build a profitable multichannel business, offering our customers in China the best of modern retail.”