ASEAN KEY DESTINATIONS
Central buys Italian department stores
CRC chief executive Tos Chirathivat says the acquisition of the luxury Italian department store has made the company a world-class leader in the retail industry.
CEO Tos Chirathivat said the company had signed a contract with the shareholders of La Rinascente in Milan to purchase 100 percent of the shares in the chain for 260 million (11.27 billion baht). The contract signing followed the acceptance of CRC's binding proposal by the shareholders of La Rinascente.
"The 100 percent purchase in La Rinascente is part of our merger and acquisition strategy to speed up the expansion of our business. Italy is the second country we have expanded to after China, which now has two Central department stores," he said.
With the acquisition, Mr. Tos said CRC had become a world-class leader in the retail business with another brand added to its portfolio of Central, Zen and Robinson.
La Rinascente, a top luxury department store in Italy, is well known among tourists since it is located next to the Milan Cathedral or Duomo di Milano, the city's top tourist attraction. CRC plans to promote La Rinascente as a world-class lifestyle brand within the next 3-5 years in international markets such as Europe, Asia, South America and the Middle East.
Currently, there are 11 La Rinascente stores in Italy in major cities including Rome, Milan and Florence. New flagship stores are also scheduled to open locally in several tourist cities in the future.
Mr. Tos said there would be no management change at La Rinascente, which is led by chief executive Vittorio Radice. The Italian retailer posted sales of 350 million in 2010.
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