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Luxury brands can not remain indifferent to the model of the fast fashion H & M or Zara. With logistics unstoppable, they can send in a few weeks in their shops products inspired by the catwalks of big names. Meanwhile, the actors remain frozen in luxury with their two seasonal collections per year. Hugo Boss has completely reorganized its production to respond to this accelerating cycles. The German group has reduced from 50 to 38 weeks the time between product design and delivery.

"Prior to the summer of 2012 for example, should have initiated the creation in January 2011, regardless of what would have worked or not during the summer of 2011, said Claus-Dietrich Lahrs, president of Hugo Boss. Before, we delivered the stores early in the season and were left to fend for themselves.Now we can better respond to sales, competition, consumer habits. "The group has already spent two to four collections a year. And spends about a third of its offering trendy products, delivered each month in the shops.

Less sale items

This revolution was made possible through a very thorough work upstream. Hugo Boss has reduced from 1300 to 300 the number of suppliers, factories with which it works worldwide. He also sorting through their collection bloated to halve the number of items offered each season. Finally, it has refined its inventory management and controls to reduce the risk of being left with unsold quantities of arms.

Result: The rate of products sold at high prices (before discounts and sales)-a key indicator of success in the fashion-jumped by at least 10%.And, therefore, the company's profits were buoyed. The gross margin rose from 50 to 59% of sales in three years and operating profitability, once 15% of sales, reached 20%.

This will delight the shareholder, the British fund Permira, which bought Hugo Boss and its parent, the Italian Valentino Fashion Group, a high price in 2007. "Permira we had set a goal of profitability by 20% in 2015, we have already achieved in 2010, welcomes Claus-Dietrich Lahrs, formerly of Dior and Cartier arrived in 2008. I think we can go beyond. "

The Exchange appreciates: the price has doubled in a year, bringing the enterprise value to 4 billion euros. After a difficult 2009, sales and profits rebounded last year. The group plans a 12% increase in turnover and 15% of the profit this year.It intends to increase its sales of 1.7 billion euros last year to 2.5 billion in 2015. "Hugo Boss seems well positioned to successfully accomplish its plan," says a study by the bank Nomura.

The acquisition debt was restructured in 2009. Four years after the takeover, Permira could extend his contract. "I would not be surprised if they wanted to wait to see the development of this potential before selling," said Claus-Dietrich Lahrs.

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The CAC 40 has widened its losses throughout the session. After starting the day on a drop of 0.86% to 3930.59 points, the benchmark index in Paris ended on a loss of 1.89% to 3889.87 points, now under the 3900 points, having already escaped to the 4000 points on Wednesday.

The movement was similar to other European markets. The Dax index featuring the Frankfurt Stock Exchange, which opened down 0.85% at 7155.86 points, finally loses 1.99% to 7074.12 points. The FTSE-100 index of London Stock Exchange, which started on a decline of 1.06% to 5965.02 points, its share for widening its losses to -1.36% at 5847.92 points.

The mood has changed beyond recognition from the beginning of the week. Greece seemed to approach Wednesday in an agreement with Europe and the IMF for further financial assistance, which could avoid insolvency.But the announcement a few hours later by a new Moody's downgrade of the Greek debt was added to the already heavy concerns facing Athens. Judging probable restructuring of the country's sovereign debt, Moody's downgraded three notches the rating of the country, pushing further into the speculative grade. For its part, Spain has managed to raise 3.953 billion euros of bonds 3 and 4 years on the market but, despite strong demand, the rates reflected on the rise.

In this context, risk-taking are not numerous. The activity is minimal anyway since France, Ascension Thursday is a holiday. It has traded about 2.5 billion euros on the CAC on Thursday.

Then the trend has deteriorated further as new economic indicators fell ill this afternoon in the United States.

– Across the Atlantic, the weekly jobless claims fell less than expected in the United States during the week to May 28, at 422 000 428 000 cons (revised) the previous week. And U.S. inventories of crude oil rose against all odds last week.

– However, the U.S. nonfarm productivity rose more than expected in the first quarter, while unit labor costs rose slightly more than expected, according to the second estimate published Thursday by the Labor Department.

Note that the currency market, the euro remains strong against the greenback at 1.4475 dollar.

No values ​​in the green on the Cac 40

As for values, no news.Note, however:

The banking sector

High risk debt Greek, French banks react poorly to the degradation of the country note by Moody's: Societe Generale (-0.80% to 40.20 euros), Credit Agricole (-0,1,66 to 10% , 35 euros), BNP Paribas (-2.58% to 52.41 euros) and Natixis fall (0.96% to 3.605 euros).

AXA (-2.59% to 14.66 euros) also declined.The day before the title had been the star of the Cac 40 gained 1.45%, boosted yesterday by the announcement of its new strategic plan and the sale of its Canadian subsidiary.

Alcatel Lucent: -3.92% to 3.84 euros, STMicroelectronics: -2.53% to 7.50 euros (two of the largest decreases of ACC)

Both values ​​are directly or indirectly penalized by the difficulties of Nokia and the risk of cancer linked to mobile phones raised by the World Health Organization.

EADS (-3.34% to 21.39 euros) suffers from a rise of the euro.

Total: -2.37% to 38.64 euros

The group is penalized by lower oil prices is the main contributor to the decline in the index.

EADS: -2.06% to 21.67 euros

The group is leaded by the strong rebound of the euro.

Lafarge: -2.77% to 45.80 euros, Saint-Gobain: -2.03% to 44.70 euros

Morgan Stanley cut its price target from 53 to 51 euros and reiterated its view weighting online and prefers HeideldbergCement and Saint-Gobain that Deutsche Bank, which remains on the purchase, the price target is 48 to 53 euros.

TF1: -0.88% to 12.43 euros

The group said Wednesday it had received offers "constructive" of several Internet service providers to distribute its pay-TV from 2012.

Trading in Gecimed remain suspended until the opening of the buyout offer followed by a withdrawal bond, its parent company Gecina (-1.10% to 98.90 euros). This opening will be later than June 8, after payment of dividend.

"Solidarity must play full for farmers," pleaded Monday morning on France Info on Agriculture Minister Bruno Mayor. To help farmers facing exceptional drought, the Minister urged all stakeholders in the agricultural sector to mobilize, while ruling once again assuming a tax drought. "It is too early and I do not think this is the right solution," the minister justified. Such a tax had been especially set up in 1976, during a previous episode of drought.

"Farmers are suffering from liquidity problems and nutrition. Bankers and insurers should play the game The Agricultural Social Mutalité may make deferrals premium, banks can make bridge loans until the European aid to be paid. "As such, the prepayment of certain European aid should give guarantees to banks, thought Bruno Mayor. As for the state, it must take action to "ensure long-term aging in Europe."

"I have therefore asked the European Commission, and I have the support of eleven member states, the creation of a working group on livestock high level in Europe to identify the structural measures to be taken," said Minister, who will be traveling on Monday in Seine-et-Marne.

Avoid speculation on food animal

Come to scrutinize the contents of contracts for the sale of straw, he also warned the farmers who would benefit from the lack of fodder for livestock offer straw to a predatory pricing. "I want to avoid having to feed speculation when there is drought.Straw today it is 25 euros per tonne, it must not be 40 euros or 60 euros as it exists unfortunately in some areas of the territory, "he warned.

To increase the amount of animal food available, the government had already taken the last week of administrative simplification measures, removing certain constraints on forage. In the Eure, the county government has also allowed farmers affected by drought to mow the shoulders of county roads and get the grass to feed the animals, while Maine-et-Loire has decided to advance the mowing in protected areas Natura 2000. In some regions, animal feed is so lacking that farmers are forced to slaughter animals puvoir failing to meet the needs of the entire herd.

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On Wednesday morning, the downward pressure on the euro regain the upper hand against the greenback, the single currency will trade around 1.4030 dollars against 1.4118 on Tuesday evening. In addition to a movement of profit taking after a rebound from the previous day – business confidence in Germany was well back, reassuring investors – "fears about the debt crisis of eurozone worsen ' says Saxo Bank in its daily note. Evidence of these serious concerns, "the rate two years Greeks have strained to reach record levels 25.736%." It must be said that the question of a possible restructuring of the Greek debt continues to generate controversy.Warnings against this possibility continue to multiply like the statements of members of the European Central Bank (ECB), European finance ministers, or even that of Christian Noyer, governor of the Bank of France saying it would be a "horror scenario".

Thus, the euro is on the verge of crossing the bar down $ 1.40. On Monday, the euro fell briefly below before rebounding. The currency suffered threats from rating agencies like Standard & Poor's that put a negative outlook on the rating of Italy, or that Fitch downgraded three notches note of the long-term debt of Greece, and monitor indicated that of Belgium. In addition, in Spain, the protests continued and the elections that went wrong for the Socialist Party in place, have fueled concerns about contagion cases Greek, Irish and Portuguese."As long as the debt crisis concerns only these three countries in the euro area, which weigh about 6% to 7% of its GDP, it is relatively manageable, felt Bruno Cavalier, chief economist at Oddo Securities. If it extends to Italy and Spain, it will be any more ".

Earlier this month, the euro had risen to nearly $ 1.50. Thus in twenty days, the currency has depreciated it by 6%. What, finally, is a pretty good news for European exporters in general and French in particular. These companies are suffering because of the level of the euro currency deemed "too strong", including Nicolas Sarkozy, faced with foreign currency (dollar, yuan, etc..) Pushed down by the local monetary authorities.

The euro, however, could see its downtrend settle or even reversed as speculation about a future rate hikes by the ECB resurface.However, a tightening in June seems excluded, as was suggested by President Jean-Claude Trichet recently.

• The Swiss franc receives record against the euro

Decline of the euro requires the Swiss franc appreciates mechanically. The Swiss currency rose to 1.2323 Swiss francs per euro on Wednesday morning, a record. Earlier this month, the exchange rate was worth around 1.30 (when the rate euro / Swiss franc drops, the Swiss franc rises), an appreciation of 5.7%. A year ago, it was more than 1.41 (+13% yoy) and three years ago, the euro was trading at 1.65 Swiss francs (+25%).

"The Swiss franc remains the strong currency on the market for foreign exchange, to the despair of many companies and sectors" Swiss exporters, estimated in a note to analysts at Pictet.For the latter, the franc could rise "soon" the bar of 1.20 francs per euro in a volatile economic environment. "The strength of the franc could weigh on economic recovery," said the State Secretariat for Economic Affairs (Seco) said in a statement.

• Belarus devalued its ruble by 36%

Another milestone this week, Belarus, facing a major financial crisis, decided to devalue the ruble by 36% to align the various courses in force in the country, according to a statement from the Central Bank on Monday. From May 24, the official exchange rate is fixed to 4930 Belarusian rubles to the dollar and 6914.82 rubles per euro, down from 3,155 Belarusian rubles a dollar before and cons of 4 516.38 rubles per euro.The dollar has appreciated by 56% as compared to the Belarusian ruble.

Belarus, a country in Eastern Europe led by Alexander Lukashenko in power for nearly 17 years, is sealed by an abysmal trade deficit, and sees its foreign currency reserves will reduce to a trickle.

• The yen is benefiting from a trade deficit less worse than expected

The Japanese currency has recovered slightly against the dollar after the announcement that the Japanese trade deficit was less than expected. Japan posted a trade deficit of 12.5% ​​yoy in April – the highest in 31 years – because of the consequences of the earthquake and giant tidal waves on 11 March. The deficit reached 463.7 billion yen ($ 5.6 billion) in April, against a surplus of 729.2 billion yen a year earlier. But it is much lower than the expectations of the markets. They anticipated 700 billion yen.

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A "groundbreaking study and scientific." Alliance, the second union peacekeepers, and the CNRS announced Friday the launch of an extensive survey of the 120,000 police officers on their working conditions, "stress" and "management". The study, entitled "Management and Well-being at work in the police" in a context of "working conditions are considered difficult" to police, said Mathieu Molina, the lead researcher at CNRS , referring to a "dangerous job".

Originally the project: Researchers from CNRS at the University of Toulouse / Capitol 1.They have asked the union so that the "investigation is widely distributed to police, including through its network of 4,000 trade union delegates, said during a press conference Molins Mathieu and Jean-Claude Delage, secretary general the police union.

According to an unpublished study by the National Institute of Health and Medical Research (INSERM), conducted at the request of the Ministry of Interior, the rate of suicide in the police community is 32.4 per 100,000 workers. A figure almost twice that recorded at France Telecom.

"A first in the police"

The police will respond anonymously on the Internet to a series of some 250 questions about their "working conditions", the "stress" or the "feeling of coaching."They will be asked about their environment "sometimes hostile," the "media pressure", the "workload", and the service weapon, but not direct, the "political figure". "If it appears that it" arose from the policy outcome driven by Nicolas Sarkozy when he was interior minister, "is an element terminated by our colleagues, we will know," said Jean-Claude Delage.

In the number of responses expected, Mathieu Molins argued that some 5,000 responses would be a "good sample". The target for the police union is to draw lessons in order to then make "concrete proposals" to the Ministry of Interior. The results of this new survey are expected in January 2012, a few months before the presidential election.This will "also ask candidates," said Secretary General of the police union.

"This is a first for the police," added Jean-Claude Delage. And it concludes: "The police will have to (this) level the opportunity to express themselves confidently (…) and make known their views on the current situation in their services."

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In Paris, investors want to turn the page on Tuesday, while the day before the European and U.S. indices were trembling face the prospect of lowering the debt rating of long-term United States from the rating agency Standard and Poor's. At the opening, the CAC 40 gained 0.48% to 3899.68 points. The index has increased its Paris flagship gains the whole morning to show an increase of 0.79% to 3919.11 points in mid-day. The goal of returning to 3900 points is atteint.Un threshold is exceeded after the opening happily in the green on Wall Street. At 16 pm, the CAC 40 is trading at 3920 points (1.02%).

In Germany, the DAX index of the Frankfurt Stock Exchange at mid-session gaining 0.43% to 7057 points and in the UK, the FTSE-100 index gaining key values ​​0.61% to 5905 points.

The session is facilitated by a series of publications.This morning already, Essilor, Faurecia and Zodiac unveiled their quarterly sales figures. Tonight, one of L'Oréal is expected. Side economic figures in France, activity in the private sector has increased sharply in April, supported by the services, whose growth reached its fastest pace for over ten years, according to preliminary results of the survey Markit among purchasing managers released Tuesday.

European side, new registrations of passenger cars fell 5% in March on a year within the European Union (EU), show figures released Tuesday by the European Association of Motor Vehicle Manufacturers (ACEA). However, sales have increased in most European markets, notably Germany and France, which recorded a sales gain of 11.4% and 6.1% respectively.

Current accounts of euro area were in deficit by 7.2 billion euros in February, seasonally adjusted data, according to figures released Tuesday by the European Central Bank.

In the U.S., housing starts stand at 549,000 annual rate, while the market was expecting 520,000 after 512,000 in February (revised from 479,000). They display and a recovery of 7.2% over one month after a decline of 18.5% in February.

On the currency front, the euro fell sharply against the dollar on Monday night, however briefly falling below $ 1.42, weighed down by renewed concerns over the debts of the most fragile countries in the euro area, although United States have themselves received a stern warning.On Tuesday morning, the euro resumed at 0.11% 1.4243 dollar.Le oil also fell back after a warning from Standard & Poor's, but the situation in the Arab world will continue to drive prices upward

Faurecia and fly Zodiac

Side values, EDF (5.35% to 28.06 euros) headed the CAC 40 in mid-session. The redemption price of electricity to EDF's competitors is set at 42 euros on 1 January 2012. Eric Besson, Minister of Industry has confirmed the news Tuesday morning on Europe 1.

Faurecia is gaining 4.57% to 25.83 euros.Le group saw sales rise by 24% in the first quarter versus the first three months of 2010, an increase of 15% on a comparable basis.

Zodiac climbed 5.40% to 52.87 euros.Zodiac Aerospace announced Tuesday it raised its forecast operating margin for the year 2010-2011 after having almost doubled in the first half thanks to the recovery confirmed the aviation sector instant payday loans.

LVMH (4.24% to 114.40 euros) saw sales growth accelerate in the first quarter despite the earthquake and tsunami that struck Japan on March 11, while analysts had forecast a slowdown Growth of global luxury goods giant.

Michelin (2.01% to 60.88 euros) announced Monday the signing of a Memorandum of Understanding with the Chinese groups and Double Coin Huayi for the creation of a joint venture dedicated to the production of tires for the Chinese market.

Essilor advance slowly from 0.80% to 55.13 euros.Specialist ophthalmic equipment has confirmed its annual targets by announcing Tuesday an increase of 13.4% of its turnover in the first quarter thanks to its good performance in Asia and Latin America.

Archos tumbles

Edenred (-0.79% to 20.17 euros) announced an increase in its turnover and volume of issuance in the first quarter thanks to strong performances in Latin America, while those in Europe are more mixed.

Soitec (+0.09% at 10.66 euros) reported an increase of 34.4% of its turnover in 2010 thanks to a rebound in demand in the fourth quarter and expects a EBIT "slightly positive" for the year.

The manufacturer of glass bottles Verallia, a subsidiary of Saint-Gobain (+0.38% at 43.80 euros), announced Tuesday it had filed with securities regulators its core document, the first stage of its introduction on the TSX Paris.

Audika (1.88% to 20.55 euros) has confirmed its target of annual sales by announcing an increase of 8.6% compared to the first quarter of 2011.

Guyenne & Gascogne (0.90% to 94.95 euros) posted a turnover up 4.5% in the first quarter of fiscal 2011, mainly supported by higher fuel prices in during the period.

Le Noble Age (-2.80% to 14.92 euros) has reported a 11.3% increase from its operating revenue in 2010 to 179.9 million euros and said it expects to 2011 on an increase of 7% at constant perimeter.Its operating profit gained 30.3% to 17.2 million while the group of nursing homes and health facilities was counting on $ 16 million.

April Group (+0.40% to 21.30 euros) on Monday announced the acquisition of the Elco, based in Montreal, a broker specializing in risk of damage for which the activity represented 10.5 million euros the last year. Elco, which employs 80 employees, will be consolidated into its accounts from 1 April.

Theolia (-5.63% to 1.34 euros) announced Monday it had charged an operating loss in 2010, hit by a major disposal plan that has sealed its production of electricity for its own account.

The French designer and distributor of consumer electronics Archos (-14.77% to 7.33 euros) will launch a capital increase of 26 million euros to support its growth.

L'Oreal will publish tonight after the close of trading in its quarterly revenue and Spir Communication, and Transgene aufeminin.com.

"We will spend this year the billion customers in the mobile Internet. In 2016, the number of subscribers will be 5 billion, "said Barcelona, Hans Vestberg, CEO of Ericsson, the global leader infrastructure for mobile devices. These two figures explain why the battle that is currently tied in Smartphones and Internet Tablets is fundamental. Those who missed the start of the mobile Internet, such as Nokia and Microsoft, have to find solutions quickly to raise. In the future, it is not certain that the first way to connect to the Internet will be from a PC at home or at work, connected to a fixed line telecoms operator.

"In the next ten to twenty years, we believe in the idea of a limited réseau.Tout which can be connected will be," said Hans Vestberg. The situation is accelerating.While it took a hundred years for the first billion fixed telephone lines in twenty years, the telecom players have captured 5 billion adherents to the mobile phone. In a handful of years, "in 2015, there will be between 7 and 8 billion. This is higher than the population of the earth. Because a person has multiple subscriptions, "added the CEO of the Swedish group.

With the development of mobile uses, the Swedish group has announced in Barcelona, an exclusive agreement with Akamai, a U.S. company specializing in the provision of content and applications online. The two allies want to deliver their solutions in the mobile world. David Kenny, number two at Akamai, said that his firm has been retained by "are the top 30 media companies in the world to deliver their content via the Internet.

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The VAT hike on January 1 in telecoms has triggered a fare increase in mobile Internet and most telcos. But the French are not all equal before the increases. There are those whose membership will increase and those to be spared. So those who may request termination of their free online and those who remain bound to their operator. For the occasion, Lefigaro.fr compiled the information given by the major French telecom operators.

Orange increases capped

In Orange, about 11 million subscribers are affected by rising prices. In mobile, it affects 3 million customers, a fleet of 18 million. She passed on two ranges of current packages: packages blocked M6 Mobile and Origami Star.She is one to three euros, rounded to achieve a round number, usually in favor of the customer (see pdf). Other packages earlier, including television, are also increasing. The affected customers were notified by mail, and can terminate free.

In ADSL, the nine million Orange customers are affected by changes in fees. All packages can watch television, the "Livebox", a satellite or an Internet portal, the operator calls. The increase ranges from 1.10 to 3 euros (see pdf). It is for example 2.10 for the package "triple play" basis, up from 29.90 to 32 euros.In this case, rounding is not on the client's favor, since the price should be 31.77 euros in strictly applying the VAT increase from 5.5 to 19.6% on half of the package.

SFR price points

SFR applies also rate increases in the fixed and mobile. It affects 5.2 million mobile customers in eight ranges of packages, one-third of subscribers of the operator. These increases reflect the increase in VAT to the penny, and are usually rounded to the client. However, they may reach ten euros more expensive packages, because unlike Telstra, Vodafone did not put up ceiling from 3 euros. Watch your bill.

In ADSL, these increases offset by work. The increase is 1 euro for subscribers under 20 euros, for example to offer "Internet only" Same day payday loans. And it is 2 euros for offers from more than 20 euros.The package "triple play" reference at 29.90 euros to 31.90 euros so happens, instead of 31.77 euros if SFR did not round prices.

Bouygues Telecom: no increase in mobile

Bouygues Telecom stands out from its two main competitors, as it announces no increase in the mobile. Its 8.4 million subscribers packages are spared. This gesture he described as "generous" aims to recruit new customers from its competitors.

In ADSL, where Bouygues Telecom has 645,000 customers, packages will be € 1.88 more expensive starting in February, regardless of the offer. The subscription "triple play" reference at 29.90 euros will be increased to 31.78 euros, which is a more accurate calculation for the client in Orange and SFR.The subscription "quadruple play services including Internet, television, fixed telephone and mobile, will also be affected.

Darty: the penny

As Bouygues Telecom, Darty chose to pass this increase to the penny in ADSL. We thus find the same increase of 1.88 euro for offering "triple play" at 29.90 euros.

Free: a smart option

Free is definitely the smartest of all.He leaves the price of his crime to 29.99 unchanged, but lots of television, which becomes an option, charged 1.99 euro.

Numericable: unexplained increases

The cable operator, whose bids are yet mostly untouched by the VAT hike, took advantage of this new deal to increase its rates by three euros on average from August, for no apparent reason.

Other operators

Alternative operators like Virgin Mobile or NRJ, did not apply the reduced VAT on their packages. They do not reverberate upward.

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You have seen an increase in your package above average? Share this information in the comments of this article.

After long years of observation and discussion, Carrefour finally plant his flag in India. World number two distribution opened Thursday a store of 5200 square meters in a neighborhood and shopping center near New Delhi. The official inauguration will take place in January.

This "Carrefour Wholesale Cash & Carry" and 10,000 references in food and non food are reserved for wholesale to caterers, government and especially small traders. The Kirana, traditional local grocery stores, still carry the bulk of food retailing in the country.

Carrefour plans to open another store wholesale trade in the region of Bombay, also a 100% subsidiary of the group. "It takes 30 administrative permissions every time," says Thierry Garnier, Executive Director growth markets of the Carrefour Group.It is therefore difficult to anticipate the opening dates. But we're here for the long term. "

And obviously with the desire to accelerate the pace. "This first step is essential to allow teams Crossroads fully understand the specificities of the Indian market and to then develop our presence in other formats," said Lars Olofsson, head of the group.

Relaxation of the law

Carrefour aims to open hypermarkets publicly available, a format promised strong growth. But the operation is much more complex. If the Indian law allows foreign retailers to engage only in wholesale, it prohibits them in contrast to open hypermarkets, even through a joint venture with an Indian group."Right now, development can not be done as a franchise," said Thierry Garnier.

The retail giants are finding the right local partner. The main rival of Carrefour succeeded. The Wal-Mart, the world leader, signed in August 2007 a strategic alliance with 50-50 conglomerate Bharti, with whom the French group was conducted in the past fruitless negotiations. Wal-Mart has already opened two stores Wholesale Best Price Modern Wholesale. Britain's Tesco has meanwhile concluded in the summer of 2008 an agreement with Trent, a subsidiary of the Tata conglomerate, for wholesale trade and the development of hypermarkets under the banner Star Bazaar. The German Metro has in turn only five already opened wholesale stores.

But no foreign flag fleet is still a hypermarket in India.To be first, ahead of Tesco, Carrefour has been conducting a year of talks with Future group. The dispenser of India already has 170 supermarkets under the banner Food Bazaar and Big Bazaar hypermarkets 120. According to local daily Mint, Kishore Biyani, Future Group's boss, went to Paris the first week of December to finalize the details of an agreement could be signed within two or three months. Carrefour and its partner would aim to open 150 Carrefour hypermarkets in five years.

The talks, which the French group did not comment, are lengthy and complex. The contract must in fact consider a possible development of Indian law. During the first half, the government could allow the opening of hypermarkets in a joint venture owned 25% or 49% by a foreign distributor.The Economy Minister, Christine Lagarde, has further pleaded that effect during the recent visit of President of Republic India.

Le Figaro. – What was the purpose of your visit to Paris this week?