Magnum Cash & Carry LLP, a prominent retail player in Kazakhstan, has made a significant move by entering into an agreement to acquire Majid Al Futtaim LLC Uzbekistan. This strategic decision marks Magnum's expansion and consolidation in the retail sector, and the details of the acquisition were reported by the press service of the Kazakh retailer to Spot.
Majid Al Futtaim LLC Uzbekistan, the current owner of three Carrefour hypermarkets in Uzbekistan, is set to be acquired by Magnum. The transaction will come into effect once all regulatory requirements are fulfilled and the deal is successfully closed. Magnum will then assume full operational control over Majid Al Futtaim's operations in Uzbekistan.
A notable aspect of the acquisition involves the rebranding of existing Carrefour stores. Following a temporary closure, these stores will be reopened under the Magnum brand. Customers can expect a product assortment and promotional offerings similar to what is found in the Kazakhstani network, ensuring a seamless shopping experience.
As part of the transition, the workforce of the French brand's hypermarkets will make a move to Magnum. Both Magnum and Majid Al Futtaim are committed to facilitating a smooth transition for employees, suppliers, and other stakeholders. The aim is to minimise any inconveniences for customers and maintain operational continuity during this change.
Magnum Cash & Carry LLP holds a prominent position in Kazakhstan's retail landscape. With an impressive network comprising 234 stores, the company is a leader in the multi-format grocery retail sector. Its workforce of over 13,000 employees contributes to its extensive presence and operational success.
Magnum's expansion into Uzbekistan began in 2021 with the opening of its first hypermarket in the country. Subsequently, the company launched a second hypermarket, showcasing its commitment to growth and investment in the Uzbek market. By the fall of 2022, Magnum had announced ambitious plans to open two additional hypermarkets in Uzbekistan, further solidifying its presence and influence in the region.
The rebranding of Carrefour stores under the Magnum banner, along with the commitment to employee and stakeholder satisfaction, underscores Magnum's dedication to seamless transitions and operational excellence.
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