Sign up | Log in



Home  >>   Daily News  >>   Thailand News  >>   Retail  >>   Central buys Italian department stores
NEWS UPDATES Asean Affairs        31  May 2011

Central buys Italian department stores

Related Stories

May 12, 2011
Retail war starts in Thailand

January 4, 2011
Thai retailers are upbeat

November 16, 2010
Big C buys 42 Carrefour branches in Thailand

September 17, 2010
Burned-out Thai mall to reopen

August 7, 2010
Big Thai retailer moves ahead

Central Retail Corporation (CRC), Thailand's largest retail chain, has made history in the Thai retail business by acquiring a 150-year-old chain in Italy for 11 billion baht (US$369 million).

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.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    31  May 2011 Subsribe Now !
• Asean governments need to forego fuel subsidies Subcribe: Asean Affairs Global Magazine
• Easing food prices to slow inflation Asean Affairs Premium
• Philippines growth slows
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Thaksin denies lust for power
• Thai satellite moves closer

• Central buys Italian department stores

• Fuel imports to Vietnam increase

• Vietnamese electronics sector hit by imports

Asean Analysis    31   May 2011

Advertise Your Brand
• Politics and economics in Thailand Sponsor Our Events

Asean Stock Watch    31  May 2011

• Asean Stock Watch-May 31 p

Global News Impacting Asia    17 November 2010


• Bank of America sees Asian inflation


• Lloyd’s increases insurance push in Malaysia


• Wells Fargo analyst on euro


• Obama’s visit to Asia


ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand