Wed, Sep 09, 2015 - Page 14 News List

French retailer Fnac to step up Africa expansion

AFP, PARIS

French book and high-tech retailer Fnac yesterday said it plans to step up its expansion into Africa by opening two stores in Ivory Coast.

“Given the strong growth potential of this region, as well as the real appetite in many of these countries for cultural and high-tech goods, Fnac is launching its development in Africa by opening in December and February two franchise stores in Abidjan,” the company said in a statement.

Fnac, which has had one store in Morocco since 2011, is teaming up with Prosuma, a leading retailer in Francophone Africa, to open the shops which will offer books, CDs, DVDs, video games, concert tickets, mobile phones, TVs and other goods.

“Fnac wants to develop in Africa,” chief executive Alexandre Bompard said.

“These new stores are important for the international development of our group, as with our arrival on a new continent, in a region with lots of potential, we can envisage new growth opportunities,” he added.

Fnac is also present in Spain, Portugal, Brazil, Belgium and Switzerland. It generated 30 percent of its sales outside of France last year.

A June study by the consulting firm Deloitte forecast that Africa would become the top region for investment by European retailers within two years as they try to tap into expected growth rates of about 7.7 percent for the area through 2019.

Listed on the Paris stock exchange, Fnac’s main investor is the Artemis holding company of French magnate Francois Pinault, which is also the controlling investor in the Kering luxury and sports clothing group.

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