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Carrefour V-ECON

ECONOMIC AUDIT UPDATED 2026-06-11
V-ECON Score 8.50 /10 B Carrefour — BDS-1000 667
V-ECON 8.50

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: Carrefour

V-ECON Audit: Carrefour Group

Supply Chain & Sourcing Relationships

Carrefour Group entered into an exclusive 20-year franchise agreement with Electra Consumer Products Ltd in April 2022 to operate Carrefour stores in Israel, and this franchise was extended by an additional 7 years in February 2024 12. Global Retail C.I. Ltd operates as the franchisee under the brands Carrefour, Mega, Mega in the City, and Yenot Bitan, with the following ownership structure: Electra Consumer Products (49.49%), Nurit Bitan (22.56%), Nachum Menachem Bitan (22.56%), PFH Group (16.03%), and Phoenix Financial (11.9%) 2. As of August 2025, 148 Carrefour-branded branches were operating in Israel, representing an increase from 97 branches in June 2024 and 77 branches at the end of 2023 23.

Mehadrin and Hadiklaim are documented Israeli agricultural exporters that source products from West Bank settlements in the Jordan Valley and Dead Sea region as well as the Golan Heights, supplying European supermarket chains including Tesco, Albert Heijn, and Costco 45. No public evidence identified of a specific direct supply contract between Carrefour Group and Mehadrin or Hadiklaim 6.

Product Origin, Labeling & Regulatory Compliance

Mehadrin operates packing houses in West Bank settlements including Beka’ot, Tomer, Na’aran, and Messua, as well as in the Golan Heights 4. Hadiklaim operates packing and production facilities in the settlements of Beit Ha’Arava, Gilgal, Yafit, and Tomer 5. Both Mehadrin and Hadiklaim receive Israeli government indemnification for exports originating from the West Bank and Golan Heights 45.

France’s Ministry of Economy issued recommendations in November 2016 requiring retailers to label products from Israeli settlements with an explicit “Israeli settlement” designation 6. Carrefour’s published Duty of Care Vigilance Plan for 2024 references the UN Guiding Principles, ILO conventions, OECD guidelines, and UN Global Compact but does not explicitly exclude or label settlement-origin products 7. No public evidence identified of explicit Carrefour internal policy on labeling settlement-origin products despite French regulatory requirements 6.

Investment, Capital & Financial Exposure

PFH Group completed an investment of NIS 80 million in Carrefour Israel in early 2023, which raised Electra Consumer Products’ ownership stake in Global Retail to 48% 3. In early 2023, Carrefour Israel secured loans from four Israeli banks: Bank Hapoalim, Bank Leumi, Mizrahi Tefahot, and Israel Discount Bank 8. Bank Hapoalim partnered with Electra Retail in August 2022 for a customer club benefiting Carrefour customers 9. All four of these banks are listed in the UN OHCHR database of businesses involved in settlement activity 810.

No public evidence identified of Carrefour Group SA holding Israeli sovereign bonds or Development Corporation for Israel instruments 6. No public evidence identified of Casino Guichard-Perrachon (historical parent company) holding Israeli investments or bond holdings in available public records 6.

Operational Presence & Market Activity

Two Carrefour-branded stores have been confirmed in Israeli settlements: one in Maccabim (Modi’in area) and one in Neve Ya’akov (East Jerusalem) 11. Six additional stores operating under the original franchise banners of Yenot Bitan and Mehadrin Market are located in Ariel, Alfei Menashe, Modi’in Illit, Kokhav Ya’akov, Ma’ale Adumim, and Beit El, bringing the documented total of settlement-adjacent stores to eight 11. No public evidence identified of an explicit characterization of Israel as a “strategic growth market” in available corporate disclosures 6.

Carrefour Israel provided food and beverages to COGAT (Coordinator of Government Activities in the Territories — the Israeli military body administering the occupied West Bank and Gaza) totaling NIS 9,610 for events and NIS 33,705 in total value during 2024 29. In May 2023, Carrefour Israel partnered with six Israeli technology startups, including Juganu, which maintains operations in the Har Homa and Beitar Illit settlements, as well as AI21 Labs 9.

Corporate Structure & Foundational Ties

The operational arrangement in Israel is structured as a franchise model, not as a direct subsidiary operation of Carrefour Group SA 12. Global Retail C.I. Ltd serves as the franchisee and is not a wholly-owned subsidiary of Carrefour Group 12. Electra Group Ltd (formerly Electra Ltd), which is the parent company of franchise partner Electra Consumer Products, remains listed in the September 2025 UN OHCHR database under categories (e) and (g) for construction and infrastructure activities in settlements 121310.

Carrefour Group CEO Alexandre Bompard publicly stated in May 2023, May 2024, and May 2025 that “there have never been and there will never be any Carrefour stores in occupied territory,” a statement directly contradicted by documented evidence of active Carrefour branches in Maccabim and Neve Ya’akov 11. In November 2025, the Saadé family (associated with the CMA CGM shipping group) acquired a 4% stake in Carrefour Group, becoming the second-largest shareholder with a board seat effective December 1, 2025 14.

Profit Repatriation & Economic Contribution

Carrefour Israel’s franchisee (Global Retail C.I. Ltd) reported Q2 2025 revenue of NIS 840 million, representing a 3.4% year-over-year increase, with operating profit of NIS 52 million (a 70% year-over-year increase) and net profit of NIS 5 million compared to a loss of NIS 17 million in Q2 2024, marking the third consecutive quarter of net profitability 3. Electra Consumer Products reported 2024 revenue of $1.96 billion, a 13.16% increase from 2023 revenue of $1.73 billion, with food retail revenue of approximately 5 billion NIS in 2024 3.

The franchise model structure implies that royalty and fee payments flow from the Israeli franchisee to the French parent company, but the specific fee structure is not disclosed in available public records 6. No public evidence identified of specific franchise fee or royalty payment flows from Global Retail to Carrefour Group in transfer pricing documentation or financial statements 6.

End Notes

Footnotes

  1. https://www.carrefour.com/sites/default/files/2022-03/Press%20release%20-%20Carrefour%2C%20in%20Partnership%20with%20Electra%20Consumer%20Products.pdf ↩ ↩2 ↩3

  2. https://www.whoprofits.org/companies/company/7373 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  3. https://en.globes.co.il/en/article-carrefour-israel-swings-to-profit-despite-debt-1001520036 ↩ ↩2 ↩3 ↩4

  4. https://www.whoprofits.org/companies/company/4108 ↩ ↩2 ↩3

  5. https://www.whoprofits.org/companies/company/4105 ↩ ↩2 ↩3

  6. https://law4palestine.org/summary-of-the-un-special-rapporteurs-report-on-corporate-complicity-in-the-economy-of-occupation-and-genocide-including-a-list-of-referenced-companies ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  7. https://www.carrefour.com/sites/default/files/2025-07/Duty%20of%20care%20Carrefour%20Group%202024.pdf ↩

  8. https://www.france-palestine.org/IMG/pdf/20250715_note_actu_carrefour_aou_t_2024_en_vdef2.pdf ↩ ↩2

  9. https://bdsmovement.net/boycott-carrefour ↩ ↩2 ↩3

  10. https://www.ohchr.org/en/business/bhr-database ↩ ↩2

  11. https://www.alhaq.org/publications/27615.html ↩ ↩2 ↩3

  12. https://investigate.afsc.org/company/elco ↩

  13. https://www.sadaka.ie/un-database ↩

  14. https://en.wikipedia.org/wiki/Carrefour ↩