Deals
Tencent to Back Carrefour in Challenge to Alibaba in Retail
- Tencent, Yonghui to invest in Carrefour’s China business
- Carrefour to promote WeChat payments service in stores
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Tencent Holdings Ltd. plans to invest in Carrefour SA’s China unit, following Alibaba Group Holding Ltd.’s footsteps to uproot traditional grocery and department stores with technology.
The social media giant, along with local retailer Yonghui Superstores Co., agreed to take a stake in Carrefour China, the companies said Tuesday. They plan to work together on data, smart retail, mobile payments and data analysis.