×
68 672
Fashion Jobs
QVC
Senior Operations Manager
Permanent · FLORENCE
NORDSTROM
Assistant General Manager- Bazille- Stonebriar Mall
Permanent · Frisco
NORDSTROM
Asset Protection - Security Ambassador - Manhasset Center Rack
Permanent · Manhasset
NORDSTROM
Retail Stock - The Shops at Southlake Rack
Permanent · Southlake
NORDSTROM
Asset Protection - Agent - King of Prussia
Permanent · King of Prussia
NORDSTROM
Area Manager - Asset Protection - ne
Permanent · Edison
NORDSTROM
HR Business Partner - Supply Chain
Permanent · Elizabethtown
NORDSTROM
Area Manager - Asset Protection - North tx/Frisco/ok
Permanent · Frisco
NORDSTROM
Asset Protection - Agent - State Street Rack
Permanent · Chicago
URBN
Anthropologie Visual Merchandising Manager
Permanent · SANTA MONICA
CLARKS
Ecommerce Coordinator
Permanent · NEEDHAM
OLD NAVY
General Manager-Middlesex Commons
Permanent · BURLINGTON
ATHLETA
General Manager - Mountain View Village
Permanent · RIVERTON
OLD NAVY
General Manager - Florida
Permanent · ORLANDO
MONCLER
Press Office Product Manager
Permanent ·
UNIQLO
Loss Prevention Agent
Permanent · Concord
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Tysons Corner
Permanent · McLean
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Clinton Crossing Premium Outlet
Permanent · Clinton
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Miromar Outlets
Permanent · Estero
NEWELL
Manager, Product Management
Permanent · HUNTERSVILLE
HIGHSNOBIETY
Brand Partnerships Manager
Permanent · NEW YORK
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Redmond
Translated by
Nicola Mira
Published
Feb 5, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swiss mass-market distribution group Migros sells department store chain Globus

Translated by
Nicola Mira
Published
Feb 5, 2020

Last June, Swiss mass-market distribution group Migros heralded its intention to sell off the Globus department store chain. The group received a dozen different bids, and has now found a buyer for Globus and its 48 Swiss branches. The new owner is a joint-venture company between Austrian distribution group Signa and Thailand-based Central Group. The company is a well-known player in the department store sector, since it owns major chains like KaDeWe in Germany, La Rinascente in Italy and Illum in Denmark.


Globus was founded in 1907 and was bought by Migros in 1997 - Migros


Signa and Central Group will therefore take charge of the Globus branches across the whole of Switzerland, and will also become the owners of eight properties in Zurich, Basel, Bern and St. Gallen. “Globus remains as a Swiss brand, and it is set to strengthen in the future through investments in the luxury and premium segments,” said Migros. As of December 31 2019, Globus had a staff of 2,409 people, and generated annual revenue of CHF763 million, equivalent to €713 million.

The sale, whose value was not disclosed, will be finalised by mid-2020, following the approval of the EU’s competition authorities. Vittorio Radice, CEO of Central Group Europe, said that “thanks to KaDeWe, Rinascente and Illum, Globus will have access to international luxury labels and will be able to tap the group's expertise. The new shareholders will carry out substantial investment in existing Globus branches and in the Globus brand itself, in order to ensure its long-term financial viability.” Synergies will be therefore exploited, though the joint-venture company, which operates in five countries, intends to preserve its local identity in each of them.

Central Group first set foot in Europe in 2011, by acquiring Italian department store La Rinascente. It then bought Danish chain Illum in 2013, and KaDeWe, Oberpollinger and Alsterhaus in 2015. As a result, its revenue grew from €200 million to a 2020 forecast of €2 billion.

The department store sector is currently very lively in Switzerland. During January, the Manor group (owned by Maus Frères) announced a reorganisation leading to the closing down of a handful of branches and the triggering of a job protection plan for nearly 80 employees.

Copyright © 2023 FashionNetwork.com All rights reserved.

Tags :
Retail
Business