JD.com’s €2.5B Bid for Ceconomy Sparks French Alarm Over Fnac Darty Control

When JD.com announced its €2.5 billion takeover of Ceconomy AG on July 31, 2025, few expected it would ignite a political firestorm in Paris. But that’s exactly what happened. The deal doesn’t just give JD.com control over Europe’s largest electronics retail chain—it hands the Chinese e-commerce giant indirect influence over Fdac Darty, France’s iconic cultural and consumer electronics retailer. And that’s got the French government sweating.

Why France Is Fretting Over a German Deal

It’s not the money that’s alarming officials—it’s the implications. Ceconomy AG, headquartered in Düsseldorf, owns 22.4% of Fdac Darty, a company with deep roots in French culture. Its stores aren’t just electronics outlets—they’re where families buy cameras for graduations, speakers for weddings, and laptops for students. For decades, Fdac Darty has been a trusted name, often seen as a guardian of European retail values. Now, its largest outside shareholder is a Chinese tech titan with ties to Beijing’s digital ecosystem.

French Economy Minister Roland Lescure didn’t mince words. "We are not opposed to foreign investment," he told reporters in early October. "But we are deeply concerned about data sovereignty and the origin of products sold on our soil." The French state has 90 days under its foreign investment screening rules to decide whether JD.com can proceed. And they’re not just looking at balance sheets—they’re scrutinizing server locations, customer databases, and supply chains.

The Numbers Behind the Takeover

The math is staggering. Ceconomy AG operates more than 1,000 stores across 11 European countries under the MediaMarkt, Saturn, and MediaWorld banners. In fiscal year 2023/24, it generated €22.4 billion in sales—€5.1 billion of that online. Its adjusted EBIT hit €305 million. JD.com is paying €4.60 per share for 71% of the company, valuing the entire entity at roughly €4.2 billion. The acquisition began its formal process on September 1, 2025, and the first tranche closed on November 10, 2025. The remainder is expected to finalize by late November 2025, pending final approvals.

Meanwhile, JD.com, founded in Beijing in 1998 by Liu Qiangdong, raked in nearly $160 billion in sales last year. It’s China’s third-largest online retailer. In October 2025, it launched JoyBuy in France—its first direct-to-consumer platform targeting Europeans. This isn’t a side bet. It’s a full-scale European play.

Who’s Watching—and Who’s Worried

The French government isn’t acting alone. The European Commission is reviewing the deal under competition law, and Germany’s federal government still needs to sign off, despite approval from its competition authority. But Paris is the epicenter of resistance.

Enrique Martínez, CEO of Fdac Darty and a Spanish national, reportedly told French officials he’s "not happy" about the deal. Sources from BFMTV say he fears losing autonomy over product selection and pricing. Meanwhile, Serge Papin, France’s Minister for SMEs and Trade, met with Martínez last week. Their message was clear: French-made appliances must stay French-made.

And then there’s the data issue. Fdac Darty serves about two million customers annually. Their purchase histories, addresses, payment details—could all eventually flow through JD.com’s systems. Under China’s National Intelligence Law, companies can be compelled to share data with state authorities. French officials are demanding contractual guarantees that customer data will never leave the EU, and that servers remain physically located in France or Germany.

A Broader Pattern, Not an Isolated Incident

This isn’t the first time Beijing’s retail ambitions have alarmed Europe. Shein and Temu (owned by Pinduoduo) have flooded European markets with ultra-low-cost fashion, triggering investigations into labor practices and product safety. Alibaba quietly acquired stakes in Italian fashion retailers. But JD.com’s move is different: it’s not just selling goods—it’s acquiring infrastructure.

"This is infrastructure capture," said Alan Wang, a global transactions partner at Freshfields Bruckhaus Deringer. "JD.com isn’t just buying stores. They’re buying customer relationships, logistics networks, and brand loyalty—all of which are harder to reverse than a tariff." He added that the U.S. trade policies under the Trump administration may have inadvertently pushed China and the EU toward closer economic alignment—but that doesn’t mean Europe is letting its guard down.

What Happens Next?

The French government’s decision is expected by late January 2026. If approved, JD.com could become the second-largest shareholder in Fdac Darty—behind Czech billionaire Daniel Kretinsky, who holds 28.28% through Vesa Equity Investment. But even if the deal clears, expect conditions: mandatory data localization, commitments to source 40% of appliances from EU manufacturers, and perhaps even a French board observer seat.

And if the French block it? JD.com has signaled it may try again—directly acquiring Fdac Darty in the future. Analysts at PPC Land suggest Currys in the UK and MediaMarkt’s parent in other markets could be next. This isn’t a one-off. It’s the opening move in a broader strategy to own Europe’s physical retail backbone.

For now, Paris is on alert. The streets of Paris still buzz with the same energy they always have. But behind closed doors, in the Ministry of Economy’s offices at Bercy, officials are drafting conditions that could redefine how foreign tech giants operate in Europe—for decades to come.