- Prachi Singh |
Casino Group through its subsidiary Monoprix has entered into exclusive negotiations to acquire online shoe retailer Sarenza. The company said in a statement, this acquisition aims at completing the offering of Monoprix, and at positioning it as an omnichannel lifestyle leader in fashion, home and beauty segments.
Commenting on the development, Jean-Charles Naouri, Chairman and CEO of Casino Group said in a media statement: “By acquiring Sarenza and its expertise, Casino Group will consolidate its position as French leader in urban online retail. This transaction places Monoprix at the edge of the fashion and home online retail.”
Sarenza with presence in 30 countries in Europe offers over 650 brands and 40,000 designs online and generated more than 250 million euros (310 million dollars) in sales before returns during the last fiscal year.
“We are very pleased with this integration project, allowing us to join a major distribution group and to expand our product offering by leveraging the expertise of Monoprix, one of the most cutting-edge, innovative and popular brand among French people,” added Stéphane Trepoz, Chairman and CEO of Sarenza.
Casino Group is a key player in the French retail industry with more than 12,000 stores worldwide – in France, Latin America and in the Indian Ocean region.