Central Group took control of Swiss luxury department store chain Globus from Rene Benko’s insolvent Signa group, the latest transfer from the Austrian financier’s retail unit to the Thai conglomerate.
The deal, announced on Monday, covers only the company operating the stores and doesn’t change the ownership of the respective buildings, which occupy prime locations in the commercial areas of Switzerland’s main cities. Central didn’t disclose financial details of the agreement.
The Thai group has already taken over control of companies operating London’s Selfridges and the KaDeWe in Berlin from Signa, adding to a portfolio of luxury department stores in Italy and Denmark.
Separately, Signa’s main property unit and Central share ownership of five Globus buildings. Central has shown interest in taking over the store in Zurich, Signa Prime’s insolvency administrator said in a report dated July.
Globus’s Swiss properties were valued at €1.3 billion ($1.5 billion) at the end of 2022, but a re-evaluation carried out in December 2023 after the opening of insolvency proceedings estimates their value at only €892 million, the Sonntagszeitung newspaper reported in March.
As a result of Monday’s accord, Central will now own all seven Globus stores, including the flagship on Zurich’s Bahnhofstrasse, as well as two sites that are currently under renovation in Zurich and Basel.
Globus department store Zurich
More from NEWS
Prada Group CEO Andrea Guerra on staying ahead
Prada Group reported its best-ever year in business in 2022. Since then, it’s continued to outperform rivals, reporting surging sales …
Brunello Cucinelli sales increase 12.2 percent for full year 2024
For the year 2024, Italian luxury group Brunello Cucinelli’s revenues of 1,278.4 million euros, increased by 12.2 percent at current …
Nordstrom Inc. surpasses expectations for the holiday season
Nordstrom Inc., surpassing its own and industry expectations for the holiday season, reported significant comparable store and total sales gains. …
