May 14, 2019 / 8:09 AM / 2 months ago

French group Auchan Retail sells its Italian subsidiary to Conad

PARIS, May 14 (Reuters) - French supermarket group Auchan Retail has agreed to sell almost all the activities of Auchan Retail Italia to Conad, the Italian co-operative retail group, for an undisclosed amount.

The French retailer had said in March that it was conducting a review of its loss-making markets, such as Italy and Vietnam where it faced tough market conditions.

In 2017, Auchan launched a three-year plan to modernise its hypermarkets, accelerate online expansion and focus more on smaller convenience stores. It already closed 23 loss-making stores in Italy last year.

The Italian disposal will be finalised following approval from the Italian competition authority, and the sale does not apply to the 33 non-franchised supermarkets located in Sicily or the 50 Lillapois drugstores. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

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