Recently, Suning.com announced that its wholly owned subsidiary Suning International plans to sell 100% of the equity in its wholly owned subsidiary Cacious (China) Holdings Co., Ltd. through a public listing transaction on an equity exchange. The reserve price for the public listing will be no less than RMB 1, with the final transaction price and counterparty to be determined based on the results of the public listing on the equity exchange.
It is understood that Cacious was formerly the main entity of Carrefour China. Previously, Suning.com announced that its subsidiary Suning International had reached a comprehensive settlement with France’s Carrefour Group over the remaining payment for the equity acquisition, outstanding intellectual property fees, and multiple arbitration claims. Suning International will pay RMB 220 million to Carrefour Group. Upon completion of the payment, the aforementioned creditor-debtor relationship between Suning and Carrefour will be settled, and Carrefour China and Carrefour Consulting will cease using the relevant intellectual property. Subsequently, the WeChat official account “Carrefour China” was renamed “Cacious CACIOUS.”
Public information shows that Carrefour Group was founded in France in 1959. It is the largest retailer in Europe and the world’s second-largest international retail chain, with businesses spanning hypermarkets, supermarkets, discount stores, convenience stores, and other formats. In 1995, the company officially entered the Chinese market, becoming one of the earliest foreign-invested hypermarket operators in China. In 2019, Suning International acquired an 80% stake in Carrefour China, and in 2021, it acquired the remaining 20% stake.
During its time in China, Carrefour China mainly operated categories including fresh food, household daily necessities, beauty, and personal care. Among them, beauty and personal care was a core high-margin segment in its stores, positioned around affordable mass-market offerings and covering categories such as hair care, makeup, and oral care. To upgrade the consumer experience, Carrefour also created independent beauty zones of 100 to 200 square meters in stores in Shenzhen and other cities, introducing brands such as L’Oréal, Maybelline, Olay, Pechoin, and Inoherb, while also launching its own natural botanical hair care brand, Botanical by Carrefour.
However, in recent years, Carrefour’s operations in China have continued to come under pressure. Since 2023, Carrefour China has gradually shut down its traditional hypermarket business while facing a heavy debt burden and litigation pressure.
Suning.com stated in the announcement that the company is currently continuing to streamline and downsize non-core business units, further reduce corporate debt levels, continue to ease its debt burden, and lower operational and management risks. After the completion of this transaction, the subsidiaries under Cacious Holdings will continue to exist, and some subsidiaries will continue to carry out existing businesses such as investment leasing and subleasing.
