The France-based e-commerce company Cnova NV filed an IPO last week. Cnova’s annual e-commerce sales hit $5.63 billion – mainly in France and Brazil – and the company added that it plans to raise as much as $100 million in new working capital.
“Our strategy is expansion of our international footprint with planned businesses in new geographies and launch of new specialty web sites to help us capture a wider demographic,” the company said in its public filing, as reported by Internet Retailer.
According to Top500Guide.com, Cnova is the seventh largest online retailer in the world. The company’s IPO filing also revealed that Cnova’s net sales in France increased 9.5 percent year over year to total $3.93 billion (2.89 billion euros) in 2013.
Additionally, Cnova explained in its IPO filing that it plans to to expand into additional markets in Europe, Latin America, Asia and Africa.
“Our expansion strategy is focused on countries with close proximity to markets in which we currently have a presence, in which the Casino Groupe operates or in which we can establish strategic partnerships with third parties,” the filing read.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.