Carrefour warns of up to €200 million hit from riots and looting
The retailer said unrest could cut operating profit by as much as €200 million and forced it to trim capital spending and earnings targets.
- Over the weekend of October 17-18, rioters targeted luxury boutiques across France, with Louis Vuitton, Hermes, and Dior locations in Paris and Marseille looted during widespread disturbances.
- The unrest followed nationwide protests against rising cost of living and fuel prices, as demonstrators also addressed underfunded schools while law enforcement struggled to contain the disorder.
- Morningstar estimates insured losses could reach $1.44 billion, while Commerce Minister Serge Papin reported at least 3,000 businesses affected nationally, prompting government promises of emergency financial support.
- Representative Stanislas Goudon of the French police union Alliance criticized a "20 year lack of political courage" regarding security policy, as the union launched a liability claim against the state.
- Temporary curfews were enforced across French cities, while trade unions called for a general strike on the 5th of November, with repeat demonstrations planned for the upcoming weekend.
135 Articles
135 Articles
Korean Re, a domestic reinsurer, is closely monitoring the extent of damage caused by large-scale protests spreading across France. Korean Re is sharing a portion of the risk for property insurance related to the protests, which was underwritten by local non-life insurers. Currently, incidents of protesters setting fire to public facilities, looting shops, and vandalizing property are continuing across France. Korean Re states that the scale of …
Video. French police union sues French government over recent violence
Video. Stanislas Goudon, a representative from the French national police union Alliance, comments on the recent wave of protests and violence in France from a police perspective, criticising significant government ill-preparedness for the demonstrations.
What will be the cost of the protest against the expensive life that plunged France into chaos this October 17th? At the time we write, the trashed shops, the burning town halls or urban furniture groups are counting. On Monday 19th October in the morning, Serge Papin, Minister of Small and Medium Enterprises, Trade, Crafts, Tourism and Purchasing Power, retailers, artisans and restaurateurs, and representatives of banks and insurance companies.…
ledauphine.com
Aimed at by the looting of 17 October in some fifty of its stores, the retail brand saw on Wednesday its action fall by more than 10% after the lowering of its goals 2026. Its CEO, Alexandre Bompard, points to the deterioration of the social and security situation in France and its effects on consumption.
Four days after the chaos of France, the CEO of Carrefour was the guest of France Inter. Alexandre Bompard, who had already quantified the lootings in hundreds of millions of euros," revealed what had been the most stolen, and it had nothing to have with "the purchasing power," he lamented.
The chain bills 2.3% more with its Spanish subsidiary, but cuts forecasts
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