Signa insolvency

Central Group takes over KaDeWe business operations

The fallen investor René Benko

(Bild: oppress Austria/Karl Schöndorfer, Krone KREATIV)

The Thai Central Group is taking over the business operations of the KaDeWe Group. A corresponding agreement includes the Oberpollinger (Munich) and Alsterhaus (Hamburg) department stores.

Central is still in talks with the landlords of the stores in Munich and Hamburg about the exact conditions, according to a press release. Central had already acquired the Kaufhaus des Westens building in Berlin itself for one billion euros in April.

Even before the complete takeover of the business operations, Central held 50.1 percent of the KaDeWe Group, while the other 49.1 percent belonged to the collapsed Signa group of companies owned by Tyrolean investor René Benko. In January, the group filed for insolvency under self-administration, but the department stores continue to operate.

Supermarkets, hotels and restaurants
The Kaufhaus des Westens was opened in 1907 and was a symbol of consumption and purchasing power in the post-war period. It has more than 60,000 square meters of shopping space and luxury goods in its range. Today, not only people interested in the goods come to the building, but also thousands of tourists.

The Central Group, which is now taking over the business operations, is owned by the Chirathivat family, one of the richest families in Thailand. The business magazine Forbes estimated their assets at 12.4 billion dollars (equivalent to 11.4 billion euros) in 2023. The group is based in Bangkok and operates supermarkets, department store chains, hotels and restaurants. Abroad, it has stakes in La Rinascente in Italy, Selfridges in the UK and Globus in Switzerland, among others.