Berlin's renowned KaDeWe department store has changed hands, with Thai conglomerate Central Group, also the owner of Selfridges, taking over ownership from the insolvent Austrian company Signa.
Central Group, which has been actively acquiring European luxury stores, including Italy's Rinascente, Ireland's Brown Thomas, and Denmark's Illum, expressed optimism about acquiring the entire KaDeWe Group, encompassing Alsterhaus in Hamburg and Oberpollinger in Munich, reported Reuters.
Currently holding a 50.1 percent majority stake in the group, the Thai retailer sees the acquisition of the KaDeWe building as a pivotal step towards restoring and restructuring the KaDeWe Group towards financial sustainability, according to Vittorio Radice, board member of Central Group Europe.
“The acquisition of the KaDeWe building is the first important milestone for us in the attempt to restore and restructure the KaDeWe Group operating company towards a sustainable, financially viable business,” said Mr Radice in a statement.
“We are pleased to add KaDeWe Berlin to our portfolio of luxury properties. The additional capital investment demonstrates our family's commitment to the KaDeWe Group and our customers, employees and business partners in Europe," said CEO Tos Chirathivat.
"We will continue our efforts to find the best possible solution with all parties involved," he continued, "so that our department stores can resume normal operations better and stronger than before and as quickly as possible," Chirithivat added.
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