French multinational retail group Auchan is preparing to sell its subsidiary in the Russian Federation, La Lettre and Le Figaro reported.
According to Le Figaro, Auchan has finally complied with the international sanctions against Russia (does not invest there and does not withdraw profits). This makes its position on the market "unfavorable" compared to local competitors.
- The name of the local buyer has not been disclosed, but the deal could be signed in the coming weeks. If only the assets are sold, the Russian branch will generate less than €200 million.
- However, each of the 94 hypermarkets and 138 supermarkets will be sold with buildings that cost significantly more.
- Previously, the company said it would remain in both Ukraine and Russia to allegedly "serve the civilian population and company employees."
- According to La Lettre, combined sales in the Russian Federation and Ukraine fell by 4.2% in 2023. This resulted in an overall sales decline of 2%.
According to The Insider, Le Monde and Bellingcat, Auchan's subsidiary in the Russian Federation supplied the Russian military in the occupied Ukrainian territories with goods under the guise of "humanitarian aid".
