As a Paris court prepares to rule on a request to suspend the Shein platform in France on November 26, a major upheaval is looming over the French and European retail sector. Chinese e-commerce giant Jingdong, better known as JD.com and the third-largest player in China after Alibaba and Pinduoduo (owner of Temu), has been preparing a major push into Europe.
JD.com began by targeting the German electronics retailer Ceconomy, launching a €2.2 billion public takeover bid on July 31. The process is still ongoing. The first offer period ended on Monday, November 10, and an official press release is expected on November 14, the day a second subscription period opens until November 27. The Chinese group has already secured 39.4% of the capital and has the backing of other shareholders holding nearly 25% of shares.
With such an acquisition, which has already received approval from the competition authority and is pending the decision of Germany’s economy ministry, the Asian giant would gain control of nearly 1,000 MediaMarkt and Saturn stores in Germany, Spain and Italy, where it could market Chinese products. Both chains occupy prime locations in major shopping centers and on the main streets of city centers. Ceconomy is also a major employer in Germany, with 17,000 of the group’s 50,000 global employees based there. It currently generates one quarter of its sales through its website, with a turnover of €22.4 billion.
You have 83.33% of this article left to read. The rest is for subscribers only.
