Globus goes Thai
Published: Monday, Sep 30th 2024, 14:20
العودة إلى البث المباشر
The Globus department store chain has been transferred in its entirety to the Thai Central Group. Globus thus becomes part of a multinational group that has already made a name for itself in other European countries.
The Central Group from Thailand has been involved with Globus since 2020. Together with Austrian investor René Benko and his Signa Group, Cental bought Globus from Migros. The cooperative group had wanted to get rid of the less profitable company after more than 20 years.
The next twist in the Globus story was introduced at the beginning of this year. It became known that Benko had speculated. His Signa network of companies collapsed like a house of cards. Globus was also caught up in the maelstrom and the future of the traditional store seemed uncertain for a long time.
But the hanging game for Globus' department store business has now come to an end. Central is buying all business activities from Signa for an undisclosed amount.
Specifically, Central, which is owned by the Chirathivat family, is taking over all seven Globus department stores in Geneva, Lausanne, Berne, Lucerne, Zurich, Glatt (Wallisellen) and St. Gallen, as well as the two stores currently under construction at Zurich Bellevue and Basel Marktplatz. There will be no branch closures. When asked by the news agency AWP, the company did not wish to comment on the possible impact on employees.
Aiming for long-term commitment
The Central Group has repeatedly emphasized that it intends to maintain its commitment to Globus despite the problems with Benko. Globus is part of the Group's European growth strategy. In addition to shopping centers in Asia, other luxury department stores such as the Italian department store chain La Rinascente, the Danish Illum and KaDeWe in Germany also belong to the Group.
Central has gradually taken over Signa's remaining shares in the joint ventures. In June, the KaDeWe (Kaufhaus des Westens), Alsterhaus and Oberpollinger stores in Germany were acquired in full. Only the joint investment in the British department store group Selfridges is still outstanding.
"We are delighted to become the full owner of this leading luxury retailer. This is a further step in our ambition to consolidate our European portfolio and create more value for our stakeholders," said André Maeder, CEO of Central Group Europe, in a statement.
Real estate not part of the deal
The Globus properties are not part of the transaction. For the time being, these will remain half owned by Central Group and half by Signa, as the company announced on request.
According to an article in the "Neue Zürcher Zeitung", the Central Group is expected to take over the Globus building in Zurich in its entirety. This is the most valuable and a lot of money has recently been invested in its renovation.
The other properties could be sold to third parties. Central could rent the properties for operations. Even today, Globus does not usually own the locations, the "NZZ" continued.
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