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Tesco brand reportedly to be dropped

UK's biggest supermarket chain will keep one foot in Chinaanalysts say

Britain's biggest supermarket chainTesco Plcis reportedly dropping its brand in China when itofficially enters into a joint venture with China Resources Enterprise Ltdfurther consolidating thelatter as the largest retailer in the country in terms of market share.



Tesco brand reportedly to be dropped

Carrefour shops around for new locationsin China


Tesco brand reportedly to be dropped

How the cookie crumbled forTesco

Media reports have said the merger would combine Tesco'soutlets and shopping centers in China with 2,986 ChinaResources Enterprises storesunder the Vanguard brandnameaccording to Beijing Business Today.


"It is not possible to say at this stageand we will notspeculateIt is important to remember that we don't trade asTesco everywhereIn our second-largest marketSouthKoreawe trade as HomesplusIn ThailandLotusIn Turkey,Kipa," Tesco China said in a statement to China Daily onMonday.

The UK retailer started operations in China in 2004 but failedto win a dominating positionChina Resources Enterprisewill control 80 percent of the new chainwhile Tesco will hold20 percentaccording to their agreementsigned lastOctoberTesco will add the 134 stores and 19 shoppingmalls it currently operates across mainland China into thejoint venture.

The new business is expected to make up 8.6 percent ofmarket share in Chinatopping the 8.3 percent of Sun ArtGroupaccording to research by Kantar Worldpanel Chinaa global researcher of buying habits.

Hong Jiechief executive officer of CRE Vanguardquoted by Beijing Business Todaysaid thatby 2015, the company's revenue should reach 150 billion yuan ($24.5 billion), a big leap from itsrevenue of 94.1 billion yuan in 2012. Mergers and acquisitions have contributed to the rapidgrowth of China Resources Enterprise's retail division.


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