French luxury goods billionaire Bernard Arnault has sold off his remaining shares in supermarket group Carrefour, the retailer he first invested in 14 years ago.
According to investment bank Société Générale, Arnault’s holding company Financière Agache sold its 5.7 per cent stake in Carrefour, raising €724 million.
The Financière Agache stake was sold for €16 per share, after Arnault, alongside Axon Capital and Colony Capital first took a 9.8 per cent holding in 2007.
The LVMH owner reportedly made a loss on the supermarket group, selling The Financière Agache stake for €16 per share, after Arnault, alongside Axon Capital and Colony Capital first taking a 9.8 per cent holding in 2007.
“Over the last four years, Carrefour has achieved an outstanding recovery under the management of Alexandre Bompard,” Arnault said in a statement.
“After 14 years during … we have decided to pursue the reorientation of our investments.”
Under the leadership of chief executive Alexandre Bompard, who has held the position since 2017, Carrefour has been restructuring and selling assets, which includes its Chinese business arm.
It is the largest supermarket chain in France, with nearly 2000 supermarkets and more than 700 hypermarkets across Europe.
Alexandre Bompard said: “Agache has backed the Carrefour Group reliably for the past 14 years. Since my arrival, I have benefited from the trust and unwavering support of Bernard Arnault at every stage of the Group’s transformation. I thank him very much”.
He was one of the biggest shareholders in the French supermarket chain, alongside department store owner the Mouslins family, who owns a 10 per cent stake since 2014 and Brazilian billionaire Abilio Diniz, who owns eight per cent.
However, in September, Arnault sold a small chunk attributing refocusing its investments as the reason.
In February, Arnault’s Financière Agache took a stake in shoemaker Birkenstock.