Thai retail giants Central Group will join Austrian-based SIGNA to acquire a major stake in the Swiss luxury department store chain GLOBUS, the company said in a statement on Tuesday.
The partnership will also purchase eight real estate properties at top inner-city locations from the Migros-Genossenschafts-Bund (MGB)
The final acquisition of GLOBUS is subject to approval from the European competition authorities and should be completed by mid-2020. SIGNA and Central Group jointly own Germany’s KaDeWe. They also owned Italy’s Rinascente and Denmark’s Illum.
Since entering Europe in 2011 via the acquisition of Rinascente, the group’s business in Europe has grown from €200 million to €2 billion. Today, the group is operating in 19 cities with two new projects being built in Düsseldorf and Vienna.
Tos Chirathivat, Executive Chairman and CEO Central Group said the aim for the acquisition is to develop GLOBUS into the leading luxury department store group in Switzerland.