Central Group takes over control of KaDeWe, Oberpollinger, and Alsterhaus: A new era in the luxury goods sector

The Thai conglomerate Central Group has taken full control of the renowned luxury department stores KaDeWe (Berlin), Oberpollinger (Munich), and Alsterhaus (Hamburg). According to information from the German Press Agency, a corresponding contract with the KaDeWe Group has been concluded. The purchase price remains undisclosed. The contract is still subject to various conditions, including antitrust reviews. Future discussions are also expected regarding the rental conditions for the locations in Munich and Hamburg. According to the Berlin Senate, Central Group had already acquired the KaDeWe building in Berlin for one billion euros in April. Even before the complete takeover, Central Group held a 50.1 percent stake in the KaDeWe Group, while the remaining 49.9 percent belonged to the Signa Group of Austrian investor René Benko. The Signa Group had to file for self-administration bankruptcy in January, yet business operations in the affected department stores are continuing. Central Group, owned by the wealthy Chirathivat family, is one of the richest families in Thailand. Forbes estimated their fortune at an impressive $12.4 billion (€11.4 billion) in 2023. The Bangkok-based company not only operates department store chains, supermarkets, hotels, and restaurants, but also holds international investments, including in La Rinascente in Italy, Selfridges in the United Kingdom, and Globus in Switzerland. Since its opening in 1907, KaDeWe has been considered a symbol of consumption and purchasing power in Germany, especially since the post-war period. With a sales area of 60,000 square meters, the store in central Berlin attracts not only luxury goods enthusiasts but also thousands of tourists daily.