Tesco and Carrefour, two of Europe's biggest retailers, have revealed their intentions to enter a 'long-term strategic alliance'.
In a brief statement released on Monday, the pair outlined plans to build a relationship that will benefit customers with a drive to lower prices on the shelves while also proving beneficial for both companies' suppliers.
Governed by a three-year operational framework, the alliance will enable both companies to improve the quality and choice of products available to their customers while creating significant opportunities for suppliers. Each company will continue to work with supplier partners at a local and national level.
"I’m delighted to be entering into a strategic alliance with Carrefour," said Dave Lewis, Tesco CEO. "By working together and making the most of our collective product expertise and sourcing capability, we will be able to serve our customers even better, further improving choice, quality and value."
Alexandre Bompard, Carrefour's CEO, added: "This strategic alliance between Carrefour and Tesco is a major agreement as it combines the purchasing expertise of two world leaders, complementary in their geographies, with common strategies.
"This agreement is a great opportunity to develop our two brands at the service of our customers. This international alliance further strengthens Carrefour allowing it to reach a key milestone in the implementation of its strategy."
Last month, Business Chief reported Carrefour's intentions Carrefour to move away from disposable packaging completely by 2025.