Thailand’s Central Retail Corporation Buys Italian Department Store.
on June 27th, 2011 at 1:16 pmOne of Thailand’s leading retailers and department store operators, Central Retail Corporation Limited, has purchased a leading Italian department store, la Rinascente, for €260 million.
la Rinascente offers a broad selection of prestigious brands for men, women and children as well as luxury accessories, cosmetics, lingerie and items for the home.
The flagship store is in Milan and features world-class brand names such as Louis Vuitton, Christian Dior, Fendi, Gucci, Bottega Veneta, Balenciaga, Valentino, Dolce & Gabbana, Armani, Zegna, Chloe, Miu Miu, Marc Jacobs and etc.
In 2010, Rinascente generated revenues of €350 million.
“We will support the excellent work of the current management, making available our know-how in retailing, and creating the opportunity for Made in Italy brands to expand in profitable and fast growing new markets in Asia,” said Chief Executive Officer, Central Retail Corporation, Mr. Tos Chirathivat. “We are now building up a great new history for Thai retail industry. With this acquisition of la Rinascente, it makes Central Retail Corporation Ltd. truly entering to the world-class business leader in department store operator by expanding our three department store brands under Central Retail chain to totally four brands as following Central, ZEN, Robinson and la Rinascente. All department stores will reinforce our strengths both in Thailand and China.”
