British retailer Tesco recently started a review of its remaining Asian businesses, which may reportedly lead to sale of its Thai and Malaysian operations. Celebrating its 100th anniversary, Tesco is five years into a domestic recovery plan launched by chief executive officer Dave Lewis after an accounting scandal capped a dramatic downturn in trading.
“Tesco confirms that, following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses,” the company said in a statement recently.British retailer Tesco recently started a review of its remaining Asian businesses, which may reportedly lead to sale of its Thai and Malaysian operations. Celebrating its 100th anniversary, Tesco is five years into a domestic recovery plan launched by chief executive officer Dave Lewis after an accounting scandal capped a dramatic downturn in trading.#
The review was at an early stage and gave no details of the approaches received, the company said.
In October, Lewis declared Tesco’s turnaround complete and said he would step down next summer.
“No decisions concerning the future of Tesco Thailand or Malaysia have been taken and there can be no assurance that any transaction will be concluded,” the statement added.
In 2015 Tesco sold its South Korean arm to a group led by private equity firm MBK Partners for $6.1 billion. A year later, it sold its Kipa business in Turkey to Migros, the country’s largest supermarket chain. Under its previous management Tesco made costly exits from Japan, the United States and China.
Lewis will be succeeded by Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance.
Fibre2Fashion News Desk (DS)
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