China Resources Rebrands Tesco China Stores

China Resources Enterprises said it has rebranded all of the 135 Tesco China stores under its Vanguard brand. In 2014, China Resources acquired a majority stake in Tesco's retail operations in China. According to China Resources, the company aims to return the retail chain to profitability within three years following its move to combine the chains' backroom operations. CR Vanguard, which owns more than 4,100 stores in the country, entered into a joint venture with Tesco, which left the UK retailer with just 20 percent of the resulting business.