Bernard Arnault, a French billionaire in luxury goods, sold his stake in Carrefour just as the huge retail chain is showing results.
Arnault first invested in Carrefour with US private equity firm Colony Capital LLC, according to Edge Markets, which saw France’s wealthiest person secure a seat on the board and pushed for the retailer’s expansion. Arnault said that Carrefour was undervalued and had “enormous possibilities” before the global financial crisis.
Despite his previous public support Arnault said in a statement on Wednesday: “After 14 years we have decided to pursue the reorientation of our investments.”
