Top retailer Carrefour has signed a deal to sell its Korean business to fashion company E-Land for EUR1.5bn (US$1.90bn).
 
The deal, which rests on approval from relevant authorities, is part of Carrefour's push to withdraw from profit-lacking and non-core activities.

Carrefour Korea operates 32 hypermarkets and 24 shopping malls attached to these hypermarkets. Carrefour's ex-VAT sales in South Korea in 2005 were EUR1.43bn.

1980-established E-Land operates fashion outlets, department stores and hypermarkets. It had ex-VAT sales in 2004 of EUR1.55bn.

Carrefour operates a total of 11,000 hypermarkets, supermarkets, hard discount and convenience stores in 30 countries.