City Snapshot: Ocado Expands Partnership with French Casino Group | New

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Ocado has agreed to expand its partnership with French hypermarket giant Groupe Casino, including the creation of a logistics-based joint venture.

The duo reached an agreement to work together in November 2019 to develop Ocado Smart Platform (OSP) in France.

Today’s deal, first announced as part of a memorandum of understanding in February 2022, will see Ocado expand its services to third-party retailers nationwide through a joint venture with Group Casino.

The joint venture will provide logistics services to customer fulfillment centers (CFCs) powered by OSP in France, which will be available to all food retailers

The agreement will also form a partnership allowing the Ocado Group to integrate the French group’s Octopia marketplace platform into OSP and enable OSP partners around the world to launch their own marketplace offering.

Finally, it will see the deployment by the Casino Group of the OSP in-store processing solution in its Monoprix stores.

Luke Jensen, CEO of Ocado Solutions, said: “This is an important milestone for our relationship with Casino Group, as we expand the partnership in a number of exciting directions.

“Our partnership demonstrates what can be achieved when a major retailer introduces French consumers to world-class online quality of service, made possible by unique efficiencies. I am delighted that the cutting-edge technologies of the Ocado Group are now available to all food retailers in France, with the new joint venture leveraging our combined expertise to provide key logistics services to future CFCs.

Ocado shares are down 3.3% at 775p this morning.

morning update

In the markets this morning, the FTSE 100 fell 1.6% to 7,196 pts amid slowing growth in UK house prices and fears of a global recession.

Heavy falls so far include Virgin Wines, down 5.6% to 85p, B&M European Value Retail, down 5.1% to 366.7p, Tate & Lyle, down 3.7% at 750.8p and WH Smith, down 3.5% at 1,394p.

The few risers include Just Eat, up 1.3% to 1,313.8p, McBride, up 0.9% to 17p and Hotel Chocolat, up 0.7% to 280p.

Yesterday in the city

The FTSE 100 closed down 0.2% yesterday at 7,312.3 points ending a three-day rally.

Home goods maker McBride gained 3.1% to 16.8p after securing a waiver of its June commitment tests until the end of September as it battles soaring costs.

B&M European Value Retail rose 1.8% to 386.4p, despite sales continuing to slow as the discounter beats figures from a year ago, UK sales for B&M’s core area down 9.1% on a like-for-like basis to £957 million. over the last quarter.

Other declines included Glanbia, down 6.7% to €10.27, Virgin Wines, down 5.6% to 85p, Hotel Chocolat, down 2.5% to 278p and Bakkavor, in down 2.2% to 96.8p.

Risers included Devro, up 1.9% to 184p and Paypoint, up 1.2% to 579p.

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