The business activities of the luxury department stores KaDeWe (Berlin), Oberpollinger (Munich) and Alsterhaus (Hamburg) are sold to the Thai Central Group. According to information from the German news agency, a corresponding contract was signed with the KaDeWe Group on Friday. A purchase price was not initially disclosed.
Thais take over the business activities of the KaDeWe Group
According to the information, the contract is still subject to antitrust issues, among other things. In addition, Central is now in discussions with the landlords of the homes in Munich and Hamburg about the rental conditions. According to the Senate, Central took over the KaDeWe building in Berlin in April for one billion euros.
Even before the complete takeover of the operational activities, Central owned 50.1 percent of the KaDeWe Group. 49.9 percent belonged to the collapsed Signa company network of Austrian investor René Benko. The group filed for bankruptcy in January. However, business operations in the department stores continue.
Forbes estimates the wealth of Thailand’s richest family at $12.4 billion
The Central Group is a conglomerate owned by the Chirathivat family, one of the richest families in Thailand. Forbes estimated her fortune in 2023 at 12.4 billion dollars (11.4 billion euros). The Bangkok-based group operates supermarkets, department store chains, hotels and restaurants. In addition to shares in department stores in Germany, the Central Group has interests abroad in, among others, La Rinascente ItalySelfridges in the UK and Globus in Switzerland.
The KaDeWe (“Department Store of the West”), opened in 1907, became a symbol of consumption and purchasing power in the post-war period. It has 60,000 square meters of retail space in the middle of the capital. In addition to lovers of luxury goods, thousands of tourists also find their way to the renowned building every day.