Tesco, Carrefour to form global strategic alliance

French supermarket retailer Carrefour and British peer Tesco announced on Monday plans to form a global long-term purchasing alliance, as they seek to cut costs, reports CNBC.

The deal is the latest partnership within the European retail industry, which has seen US internet giant Amazon make in-roads into the sector in recent months.

The alliance will cover the strategic relations with global suppliers, the joint purchasing of own-brand products and goods not for re-sale, said Carrefour in a statement.