French retailer Carrefour says it will take 12 months to rebrand the 224 supermarkets in Taiwan it has bought from Hong Kong-headquartered Dairy Farm International.
The purchase of 199 Wellcome stores with an average sales area of 420sqm, and 25 Jasons stores, with an average sales area of 820sqm, along with a warehouse, closed on December 31.
Valued at about €97 million, the deal was announced last June and it marks Dairy Farm’s exit from Taiwan’s grocery retail market – it retains an Ikea business there.
“Dairy Farm believes this change of ownership will set the business up for future growth and prosperity, building on Wellcome’s strong sales momentum over the past 12 months following the successful implementation of its price reinvestment campaign and increasing customer loyalty,” Dairy Farm said in a statement in June.
Announcing the closure of the deal, Carrefour said that the Taiwan business will “benefit from Carrefour’s commercial policy and purchasing conditions, while Wellcome will bring its recognised expertise in fresh produce and contribute to the development of food e-commerce”.
Carrefour plans to convert the Wellcome stores to the Market banner and then convert Jasons stores to a Carrefour premium banner.
The statement said the French company would continue to pursue a policy of “targeted acquisitions”.