PARIS – The king of luxury has arrived in the supermarket aisle.
Bernard Arnault said Wednesday he’s teamed up with Los Angeles-based private equity fund Colony Capital to take a joint 9.1 percent stake in Carrefour, the world’s second largest retailer after Wal-Mart.
In a release, Groupe Arnault and Colony said they had purchased 64 million shares of Carrefour, characterizing it as a “strategic, industrial and long-term investment” based on Carrefour’s leading market position and its “strong growth potential.”
The investors said they would work with the Halley family, Carrefour’s largest shareholder, and its current management. The transaction sent share of Carrefour up 2.5 percent in early trading on the Paris Bourse.
Founded in 1991, Colony has investments totaling $19 billion, primarily in real estate, gaming and hospitality. In concert with Colony and Arnault, Axon Capital also took a 0.7 percent stake in Carrefour.
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