Italian La Rinascente chain of department stores, owned since 2011 by Thai based Central Retail Corporation has acquired the Illum luxury department store in Copenhagen, Denmark – the first such investment outside Italy. La Rinascente plans to invest 50 million euros in renovating and redesigning Illum which is due to re-open late 2014.
The move comes as strategic, given the growing influx of Asian and South American wealthy shopper to Europe, and Copenhagen is among Europe’s best connected city, with a wealth of leisure offerings.
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