PARIS (Reuters) – French supermarket group Carrefour (PA:), Tuesday’s pledge to invest 3 billion euros (3.47 billion dollars) in digital commerce expansion between 2022-2026, as part of the strategy its boss Alexandre Bompard has been developing.
The largest European food retailer stated that this will represent an increase of 50% over similar investments made in the past, which totalled 600 million euros annually.
Carrefour has increased its annual target for investment to 1.7 Billion Euros, which is the upper end of an estimated 1.5-1.7 Billion range. This information was communicated early in 2021.
The main driver of the company’s online push will be its acceleration of ecommerce, ramp-up data and retail media, and digitalisation financial services. As Europe’s largest food retailer seeks to keep an edge on Amazon (NASDAQ:), and its turnaround.
Carrefour’s announcement was made in a statement before the Digital Day, which is being held with investors.
Alexandre Bompard is the chairman and chief executive officer of the organization. He has held this position since July 2017; he was re-elected in May to a three-year extension.
Without the financial resources of two unsuccessful tie-ups in this year’s Canada and France, he will have to conduct the Carrefour turnaround’s second leg.
Bompard is expected to announce his new strategy plan soon.
($1 = 0.8655 euros)
Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.