Business
Thailand’s Central Group takes over Swiss department stores Globus
Global Banking & Finance Review®
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BERLIN (Reuters) – Thai retail and property conglomerate Central Group said on Monday it will take over the operational
BERLIN (Reuters) – Thai retail and property conglomerate Central Group said on Monday it will take over the operational business of Magazine zum Globus AG, which operates luxury department stores in Switzerland.
Globus is another piece of the fallen empire of Austrian property tycoon Rene Benko, whose sprawling Signa group folded late last year, sending shockwaves through a European property sector already beset with problems.
The business of all nine Globus stores in Switzerland will come under the sole ownership of Central Group, the company said in a statement, adding that the new ownership structure of Globus Switzerland’s property company would remain unchanged.
We are pleased to become the full owner of this leading premium and luxury retail business, which marks a further step in our efforts to consolidate our European portfolio and deliver greater value for our stakeholders,” said Andre Maeder, CEO of Central Group Europe.
The deal will see Central Group take over all shares. It had previously held a stake in Globus together with Signa.
(Reporting by Matthias Inverardi; writing by Rachel More; editing by Matthias Williams)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
Luxury retail refers to the sale of high-end goods and services, often characterized by premium pricing and exclusive brands, targeting affluent consumers.
A conglomerate is a large corporation that consists of diverse companies operating in various industries, often formed through mergers and acquisitions.
Operational business refers to the day-to-day activities and functions of a company that are essential for its ongoing operations and profitability.
A property tycoon is an individual who has amassed significant wealth and influence through investments in real estate and property development.
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