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Sainsbury’s is in talks with one of China’s biggest retailers about selling Argos, the general merchandise group it bought almost a decade ago for £1.4bn.
The supermarket said on Saturday it was in discussions with JD.com and that a sale would “accelerate Argos’ transformation”.
“JD.com would bring world-class retail, technology and logistics expertise and invest to drive Argos’ growth and further transform the customer experience,” Sainsbury’s said in a statement issued in response to media speculation. The Telegraph first reported the talks.
Sainsbury’s said a sale would include “commitments from JD.com in relation to Argos for the benefit of customers, colleagues and partners” but added that there was no agreement and no certainty that a sale would take place.
This is a developing story
