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LONDON - British retail1 giant Tesco announced Friday that it had signed a Memorandum2 of Understanding (MOU) with the China Resources enterprises (CRE) to create a leading multi-format retailer3 in China, indicating a further expansion in China market.
Tesco said in a statement "the proposed joint4 venture would create a business with sales of some 10 billion pounds ($15.55 billion), in which CRE and Tesco's effective interests are expected to be 80 percent and 20 percent respectively.
The joint venture would involve the CRE combining its CR Vanguard business, which currently operates 2,986 stores across China and Hong Kong, with Tesco China's 131 stores and shopping mall business.
"The partnership5 would bring together CRE's deep understanding of local customers, established nationwide infrastructure6 and proven track record as a partner with Tesco's global retail expertise7, international sourcing scale and supply chain capabilities," Tesco said
Both companies confirmed the talks on the joint ventue in stock market statements.
Tesco, the biggest supermarket chain in Britain, now operates in 12 countries and regions with 350,000 employees. It entered China market in 2004, mainly operating hypermarkets and shopping malls containing Tesco stores.
点击收听单词发音
1 retail | |
v./n.零售;adv.以零售价格 | |
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2 memorandum | |
n.备忘录,便笺 | |
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3 retailer | |
n.零售商(人) | |
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4 joint | |
adj.联合的,共同的;n.关节,接合处;v.连接,贴合 | |
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5 partnership | |
n.合作关系,伙伴关系 | |
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6 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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7 expertise | |
n.专门知识(或技能等),专长 | |
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