Thailand-based luxury retailer Central Group will acquire a majority stake in KaDeWe’s three department stores in Germany from property company Signa Group.
KaDeWe’s stores are located in Berlin, Munich and Hamburg.
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The move forms a part of the company’s strategy to fuel its expansion in Europe.
The financial terms of the transaction have not been disclosed.
Upon completion of the deal, Central will own 51% stake in KaDeWe, while the remaining 49% stake will be owned by Signa.
Central Group CEO Tos Chirathivat said that the deal, upon completion, would bolster the company’s intention to become one of the global leaders in luxury shopping malls.
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By GlobalData"Central Group will continue to acquire additional department stores with strong potential in important European cities," Chirathivat added.
Following the completion of the acquisition, Central anticipates its revenues in Europe to grow from the current €600m to around €900m this year and €1.2bn in 2016.
Central Group is engaged in retailing, hotels and resorts, property, wholesaling, manufacturing, and food franchise operations.
Its activities include operating department stores, specialty stores, superstores, supermarkets, minimarts, and hypermarkets; importing and distributing apparel, textiles, cosmetics, toiletries, cameras, sporting goods, household electrical appliances, musical instruments, and electrical and electronic equipment; importing and distributing fashionable clothes.
