Retail trade Globus to be fully acquired by Central Group

The Thai Central Group has taken over the entire operating business of the Globus department store chain. However, the future of the Globus real estate is still open.

The sparrows were already whistling it from the rooftops: The Thai conglomerate Central Group has completely taken over Globus' department store business, as the group announced on Monday. To do so, it bought the remaining half of the shares from its ailing joint venture partner Signa. Signa and Central Group had jointly acquired Globus from Migros in 2020.

Central did not provide any further details on the purchase price. Signa and Central Group jointly acquired Globus from Migros in 2020.

Specifically, Central will take over the operation of the stores in the seven Globus department stores in Geneva, Lausanne, Bern, Lucerne, Zurich, Glatt (Wallisellen) and St. Gallen, as well as in the two stores under construction at Bellevue in Zurich and Marktplatz in Basel, the statement added.

"We are delighted to become the full owner of this leading luxury retailer. This is a further step in our efforts to consolidate our European portfolio and create more value for our stakeholders", André Maeder, CEO of Central Group Europe, was quoted as saying in the press release.

Globus CEO Franco Savastano also welcomed the takeover by Central in the press release. "Central Group has always been a loyal investor that has a deep understanding of our business and appreciates our unique market position," he said.

Central wants to grow in Europe

The Globus department stores are an important part of Central Group's European strategy, the statement continued. Globus is to support the Central Group in its growth in Europe.

Together with Signa and its owner René Benko, the Central Group had gradually expanded its involvement in the European luxury department store business since the mid-2010s. Following Signa's bankruptcy, Central then took over the business piece by piece. In April 2024, for example, the Group purchased the luxury department store property KaDeWe (Kaufhaus des Westens) in Berlin from Signa.

The business operations of the German department stores KaDeWe, Alsterhaus and Oberpollinger also went to the Thai group. A corresponding deal for the British department store group Selfridges is still pending.

Real estate not part of the deal

The ownership structure of the Globus real estate company is not part of the transaction, according to the statement. Central and Signa each currently hold half of the shares.

The "Neue Zürcher Zeitung" had already reported on the imminent completion of the deal in an article on Sunday. According to the article, the Central Group is expected to take over the Globus building in Zurich in its entirety. The other properties could be sold to third parties.

SDA