GlobalNetXchange(SM) (GNXSM) announced that French retailer Pinault-Printemps-Redoute SA (PPR) has joined as an equity member. With the addition of PPR, GNX retailers now have committed over $200 billion in purchase volume to the exchange.
"We are delighted to have PPR, one of the global leaders in non-food distribution, join as an equity member," said Joseph Laughlin, chief executive officer for GNX. "PPR is an industry leader in their lines of business and brings to GNX new thought leadership that is critical for building world class functionality."
"By joining GlobalNetXchange, Pinault-Printemps-Redoute will benefit from the advances made by GNX, which is the current leader in the retailing sector," said Serge Weinberg, CEO and chairman of the management board of Pinault-Printemps-Redoute. "Pinault-Printemps-Redoute Group, through its companies that are leaders in their respective markets, will bring GlobalNetXchange all its expertise in non-food distribution and will benefit from significant operational advantages for developing its commercial activities."
Since its founding in February, GNX has completed more than $100 million in purchase volume from more than 50 transactions conducted by its equity members.
GlobalNetXchange is the leading operational global business-to-business retail online marketplace, open to all retailers and suppliers. Powered by Oracle® Exchange, Oracle's online e-business marketplace, GNX's participating retailers include: Carrefour SA, the largest retailer in Europe and Latin America and the first international retailer in Asia; Kroger Co., the United States' largest retail grocery chain; Metro AG, based in Germany and one of the world's largest retailers; J Sainsbury Plc, one of the world's leading retailers and the United Kingdom's second-largest food retailer; Coles Myer, the leading retailer in Australia; Pinault-Printemps-Redoute SA, one of the leading groups worldwide in non-food distribution and Sears, Roebuck and Co., (NYSE: S) the second-largest U.S. retailer. GlobalNetXchange is operational and fast becoming the ultimate one-stop source for retailers and their suppliers to collaborate, communicate, procure and manage their supply chains. More information is available at www.globalnetxchange.com .
Pinault-Printemps-Redoute is number one in non-food distribution in Europe, and has the leading position in all of its activities: retail, with companies such as Redcats, number three world-wide in mail-order; business-to- business, with companies such as Rexel, the world's leading distributor in electrical equipment; credit and financial services; and luxury goods, with the Gucci group, number three in the world.
Focused on international expansion, PPR Group's major objective is to strengthen both growth and profitability for each of its companies, and to establish a strong position in e-commerce through selective investment. The PPR Group achieved Euro 18.6 billion in sales in 1999, is present in more than 55 countries and employs 90,000 people. For more information visit http://www.pprgroup.com/ .
SOURCE: Sears, Roebuck & Company
Contact: Larry Costello of GlobalNetXchange, 847-286-9036, pager,
800-759-8888, PIN 7279964, email, Lcoste5@sears.com, or Laetitia Olivier of
Pinault-Printemps-Redoute, + 33 1 44 90 63 80