E-commerce giant Amazon and French retailer Casino are expanding their partnersh...
PARIS - E-commerce giant Amazon and French retailer Casino are expanding their partnership, with Amazon installing pick-up lockers in Casino stores and making more of the French company’s products available on Amazon.
An Amazon spokeswoman said it had a policy of not commenting on market speculation. Amazon’s purchase of bricks-and-mortar U.S. food retailer Whole Foods Market last year 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 1 billion euros from the sale of groceries online,” said Gregoire Laverne, fund manager at Roche Brune Asset Management.Nevertheless, Casino’s shares fell 0.9 percent by 1113 GMT, after Standard & Poor’s cut its credit rating on Casino to ‘BB- negative outlook’, pushing it further into junk territory.
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