Thai retail and property conglomerate Central Group has announced the acquisition of the operational business of Magazine zum Globus, which operates luxury department stores in Switzerland.
The business was acquired from Rene Benko’s insolvent Signa group, a Bloomberg report said.
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The deal, which was disclosed on 30 September, will not change the respective buildings’ ownership.
These prime-located buildings in Switzerland’s main cities remain under their current ownership.
Central Group has not revealed the financial terms of the transaction.
Before the acquisition of Globus, Central Group acquired control of companies operating London’s Selfridges and Berlin’s KaDeWe from Signa, expanding its luxury department store holdings to include locations in Italy and Denmark.
The Thai conglomerate’s strategic acquisitions signal its growing presence in the European luxury retail market.
Central Group Europe CEO Andre Maeder was quoted by Reuters as saying: “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.”
The value of Globus’s Swiss properties was estimated at €1.3bn ($1.4bn) at the end of 2022.
With the recent agreement, Central Group will now manage all seven Globus stores, including the prestigious flagship on Zurich’s Bahnhofstrasse, and oversee two locations undergoing renovations in Zurich and Basel.
In January 2024, Central Retail, a Thailand-based multi-format and multi-category retailing platform owned by Central Group, issued a statement denying discussions about investing in the Selfridges department store.
