Carrefour Israel Plans Stock Market Listing Amid Leadership Changes and Market Challenges
Carrefour Israel, operated under Electra Consumer Products franchise, has undergone significant changes in 2026, including appointing Inbal Harson as the new CEO effective August 1. Harson, formerly CBC's commercial VP, replaces Michael Lobushitz, who now serves as co-chairman of Global Retail alongside current chairman Tzvika Schwimmer. Schwimmer emphasized the company’s strong governance and denied claims that ownership interfered with management decisions, highlighting a natural leadership refresh.
Since launching 50 branches in May 2023 with a 250 million shekel investment, Carrefour has tripled its store count and improved financial performance dramatically. The chain moved from a 190 million shekel loss in 2023 to a net profit of 16 million shekels in 2025 and 6 million in Q1 2026. Bank debt was reduced from 507 million to 185 million shekels by mid-2026, and EBITDA turned positive, reaching 140 million shekels in 2025. Schwimmer noted the company met all financial commitments and is now preparing a prospectus to consider a stock market listing based on 2026 results.
The planned IPO, which would separate Carrefour from Electra Consumer Products, faces challenges due to Israeli concentration laws restricting multi-tiered holdings. The company is exploring alternative structures to proceed. Schwimmer acknowledged fierce competition aiming to block Carrefour’s public offering but expressed confidence in the company’s readiness.
Carrefour also faced criticism over its participation in the "Israel Basket" initiative led by Economy Minister Nir Barkat, which fixed prices on about 100 popular products for six months. Carrefour was the sole bidder and applied the basket to only a third of its stores, causing public confusion despite reporting significant sales growth in basket items. The company is still deciding whether to extend the program, emphasizing it acts solely in customers’ interests without political agendas.
Overall, Carrefour Israel is stabilizing its operations, refreshing leadership, and preparing for a major market move while navigating regulatory and competitive hurdles in the Israeli retail sector.
