PARIS (Reuters) - French supermarket retailer Carrefour and British peer Tesco announced on Monday plans to form a global long-term purchasing alliance, as they seek to cut costs.
The deal is the latest partnership within the European retail industry, which has seen U.S. internet giant Amazon make in-roads into the sector in recent months.
The alliance will cover the strategic relations with global suppliers, the joint purchasing of own-brand products and goods not for re-sale, said Carrefour in a statement.
Carrefour, Europe's largest retailer, in January announced plans to cut costs and jobs, boost E-commerce investment and seek a partnership in China, in an effort to lift profit and revenue and beat domestic rivals in the race to develop digital shopping products.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
Disclaimer: No Business Standard Journalist was involved in creation of this content
