CRV-Tesco deal offers opportunity for new identity with consumers

Retail | Mike Bastin

It came as no surprise when China Resource Vanguard, one of China's largest (State-owned) supermarket chains, announced it had completed the takeover of Tesco's business on the Chinese mainland.

Tesco remains the largest food retailer in the United Kingdom and one of the largest across Europe but has struggled since entering China in 2004. CRV has invested heavily on the mainland with almost $3 billion required to control an 80 percent stake in the newly formed joint venture (JV). Tesco will retain a 20 percent interest.