Central Group completes 100% acquisition of Swiss department store Globus
Thai retail giant puts down roots in Europe
The Central Group has finalised the complete acquisition of Globus, a luxury department store chain in Switzerland, the company said.
As one of Thailand's leading retail companies, Central Group has employed "shortcuts" through mergers and acquisitions (M&A) to accelerate its business growth and expand its presence on the world stage.
Recently, the group announced the full acquisition of Globus after holding a stake since 2020. This acquisition includes all nine Globus department stores and reinforces Central Group's ambition to build a multi-billion-baht empire in Europe.
Central Group has a rich history spanning over seven decades. The business has been passed down through generations of the Chirathivat family, with Tos Chirathivat currently at the helm, playing a crucial role in expanding the group's presence beyond Thailand.
Europe is a key focus for Central Group's expansion into luxury retail.
However, Central Group also operates retail stores in other countries such as Vietnam and Indonesia. In Thailand alone (under Central Retail Corporation), the company operates stores across 60 provinces, with a portfolio of 1,755 stores and a total retail space exceeding 3.14 million square metres.
In Vietnam it has a presence in 42 provinces with 133 stores and a retail space of over 354,000 square metres, while in Italy it operates in eight cities with nine stores, covering 58,700 square metres.
In 2023, Central Group's total revenue exceeded 248 billion baht, with a net profit of 8.523 billion baht.
Central Group's luxury retail expansion in Europe spans over a decade, boosting Thai influence across the continent.
Central Group made its first foray into the European market in 2011 by acquiring Italy’s prestigious 150-year-old department store chain, Rinascente, which operates nine locations across the country.
The acquisition strategy continued in 2013 with the purchase of Illum, Denmark’s oldest department store. This was followed by the acquisition of three premium department stores in Germany — KaDeWe, Oberpollinger, and Alsterhaus — through a joint venture with European real estate giant Signa, where Central Group initially held 50.1% of The KaDeWe Group. Signa held the remaining 49.9%. Today, Central Group fully owns all three department stores with 100% ownership.
Central Group's aggressive M&A strategy continued in 2020 with the acquisition of Globus in Switzerland and in 2022 with the purchase of iconic British department store chain Selfridges. Additionally, they have invested in retail ventures in Ireland and the Netherlands.
Today, Central Group is a key player in the luxury retail market, owning a vast network of prestigious department stores in prime European locations. Their retail empire spans seven countries, 36 cities, and 40 major locations.
