Amazon and French retailer Casino forge stronger ties

Paris —

An Amazon spokesperson said it had a policy of not commenting on market speculation. Amazon's purchase of bricks-and-mortar US food retailer Whole Foods Market in 2018 has raised speculation it could buy a European food retailer. Tina Schuler, CEO of LeaderPrice, Casino Supermarches, Geant Casino and Casino Proximites, told a conference call that the deal — whose financial terms were not disclosed — will help Casino"boost traffic and revenues in e-commerce and in stores".

"This co-operation should help Casino further strengthen its e-commerce footprint as part of its goal to generate revenue of €1bn from the sale of groceries online," said Gregoire Laverne, fund manager at Roche Brune Asset Management.Nevertheless, Casino's shares fell 0.9% by 11.13am GMT, after S&P Global Ratings cut its credit rating on Casino to BB- negative outlook, pushing it further into junk territory.

Source: News Formal (newsformal.com)

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