Carrefour ECONOMIC

Supply Chain & Sourcing Relationships

• Carrefour International Partnership entered an exclusive franchise arrangement with Yenot Bitan, then an Electra Consumer Products-controlled subsidiary, to operate specified Carrefour formats and use Carrefour brands in Israel ¹.

• The agreement permits the franchisee to purchase and market Carrefour-branded products in Israel and to manufacture certain Carrefour-branded products locally ¹.

• Carrefour stated in March 2022 that more than 150 Yenot Bitan stores would gain access to Carrefour-branded products before summer 2022 ².

• Carrefour reported in May 2023 that the Israeli franchise operation had imported more than 1,200 products, including more than 400 Carrefour-branded food products, and was developing Israeli production of certain Carrefour Baby products ³.

• No public evidence identified of direct Carrefour supplier contracts with named Israeli agricultural exporters, counter-seasonal fresh-produce procurement, importer-of-record arrangements, or white-label Israeli-origin sourcing beyond the franchisee’s documented rights to buy, market, and manufacture Carrefour-branded products.

• The reviewed franchise disclosure does not identify manufacturers, product categories, production sites, volumes, payment rates, or import entities associated with local Carrefour-brand production ¹.

Product Origin, Labeling & Regulatory Compliance

• No public evidence identified of Carrefour-specific enforcement findings, customs or regulatory audits, or official citations concerning labelling of Israeli- or settlement-origin goods.

• No public evidence identified of a Carrefour Group public policy specifically governing sourcing or country-of-origin labelling for occupied territories in the reviewed corporate materials ^{2, 3, 4}.

• Carrefour’s 2023 registration document states that its Israeli franchise partner was contractually prohibited from developing Carrefour-banner stores in “the Palestinian territories,” without publishing the agreement or defining that territorial phrase ⁴.

• Carrefour’s 2025 registration document states that the franchise agreement is limited to the State of Israel as recognised by France and that the partner did not then own or operate shops or sell Carrefour-branded products in Palestinian territories ⁵.

• These corporate disclosures are statements of contractual scope and partner activity rather than independently verified product-origin, store-location, or compliance records ^{4, 5}.

Investment, Capital & Financial Exposure

• The documented Israeli arrangement is a franchise relationship with Electra Consumer Products and Yenot Bitan rather than a disclosed Carrefour equity acquisition of the Israeli operator ^{1, 2}.

• The franchise filing provides for an initial fixed payment, revenue-percentage payments, and investment in converting branches to Carrefour branding, while not disclosing the fixed-payment amount or revenue percentage ¹.

• Carrefour’s 2024 consolidated-company schedule contains no “Israel” entry in the English text reviewed, which is a document-scoped observation and not proof that no Israeli Carrefour entity exists ⁶.

• No public evidence identified of Carrefour-owned Israeli factories, R&D centres, logistics hubs, data centres, Israeli sovereign-bond holdings, or Israel-focused investment funds.

• No public evidence identified of Israeli state ownership of Carrefour, Israeli sovereign-debt underwriting, Israel Bonds activity, or insurance underwriting in the reviewed materials ^{4, 7}.

Operational Presence & Market Activity

• Carrefour announced the opening of approximately 50 franchise stores in Israel on 9 May 2023, comprising three hypermarkets, ten supermarkets, and 37 convenience stores, alongside an e-commerce site ³.

• Electra Consumer Products’ 2023 report identifies Global Retail C.I. Ltd., formerly Bitan Wines Ltd., as the food-retail-chain operator under Carrefour brands and records conversion of 50 Global stores on 9 May 2023 ⁸.

• The same report states that 85 additional Global stores had converted by the report’s execution date and forecast 120 Carrefour stores by the end of 2024 ⁸.

• Electra’s current corporate page describes Electra Food as Carrefour’s exclusive representative in Israel and identifies Michael Luboshitz as Co-Chairman of Carrefour Israel at Electra Consumer Products ⁹.

• The Carrefour Israel accessibility register lists a Carrefour Neve Ya’akov branch at 6 Gedaliah Neuman Street, Jerusalem, and entries for Beit El and Ma’ale Adumim, but its undated format does not independently establish their opening dates, current trading status, ownership, or banner status ¹⁰.

• A civil-society profile alleges additional locations and government-customer activity, but the reviewed material did not include underlying leases, procurement records, invoices, or official tender documents; those allegations remain unresolved leads rather than established findings ¹¹.

• Carrefour’s 2023 filing acknowledged controversy over photographs showing franchise-partner employees providing food parcels to soldiers, stating that the activity was individual, did not engage the Group, and that the photographs were removed ⁴.

• Carrefour announced partnerships or tests with AI21 Labs, Juganu, Wasteless, Vulcan, Cymbio, and Iguazio for uses including AI, store operations, cybersecurity, marketplace automation, and credit-risk management; the announcement describes tests or existing work rather than acquisitions or control ¹².

• The OHCHR’s 2023 settlement-business database did not contain a Carrefour mention in the supplied full-text review, which is document-scoped and does not establish absence from all OHCHR material or activity under other names ¹³.

• The UN Special Rapporteur report cited Carrefour’s franchise press release on page 19, so its Carrefour reference should be read with the underlying company disclosure rather than as an independent finding about the company ^{3, 14}.

Corporate Structure & Foundational Ties

• Carrefour SA is the French parent and holding company of the Carrefour group, controlling group entities directly or indirectly and centrally conducting external financing ⁶.

• Carrefour SA is a French société anonyme registered as 652 014 051 RCS Évry, with head office at 93 avenue de Paris, 91300 Massy, France ⁶.

• Carrefour’s recorded history places the formation of Carrefour Supermarchés in 1959 following the meeting of Marcel Fournier and the Badin-Defforey grocery-wholesale business ⁶.

• Carrefour’s official franchise announcement identifies Electra Consumer Products as an Elco subsidiary controlled by the Zelkind brothers and describes Electra as Tel Aviv Stock Exchange-listed ².

• The TASE filing identifies Yenot Bitan as a controlled subsidiary of Electra Consumer Products and Carrefour International Partnership as Carrefour’s contracting entity ¹.

• Electra’s 2023 report records that it did not exercise its then-current call option for all Global Retail shares held by the Bitan family in September 2023 and that it invested NIS 200 million in Global in early 2024, including conversion of an Electra shareholder loan ⁸.

• These disclosures do not establish Carrefour SA ownership or control of Global Retail C.I. Ltd. ^{1, 8}.

• As at 31 December 2024, Carrefour reported Galfa holding 11.01% of capital and Peninsula Europe holding 9.23%, while their actual voting-rights shares were 13.69% and 15.68%, respectively ⁶.

• Carrefour stated that it knew of no shareholder agreement capable of causing a change of control ⁶.

• Carrefour announced in 2025 that Carrix, an entity owned by the Saadé family and CMA CGM, held approximately 4% of Carrefour share capital and that Rodolphe Saadé would represent Carrix as an independent director from 1 December 2025 ¹⁵.

• No public evidence identified of Carrefour SA having been founded in Israel, being Israeli-domiciled or tax-resident, being beneficially controlled by Israeli capital, or having Israeli-state governance ties.

Profit Repatriation & Economic Contribution

• The franchise agreement documents a contractual payment stream through an initial fixed payment and payments calculated as a percentage of revenue, but it does not disclose sums, recipient entity, payment rates, or actual payments ¹.

• Carrefour’s public disclosures reviewed do not separately attribute Israeli revenue, workforce, taxes paid, market share, or profit-repatriation amounts from the franchise operation ^{1, 3, 4}.

• Carrefour’s 2024 filing identifies Carrefour SA as head of a French tax-consolidation group, but the reviewed materials do not establish Israel-specific tax payments or remittances by Carrefour SA ⁶.