[1] August 2024 - Central Group, a family-owned retail, real estate and hospitality conglomerate, announces today that it has successfully completed the acquisition of the KaDeWe building on Tauentzienstraße, Berlin’s most famous shopping street, as well as the assets of The KaDeWe Group, the operator of three luxury department stores - KaDeWe in Berlin, Oberpollinger in Munich, and Alsterhaus in Hamburg.
As a result, Central Group has become the sole owner-operator of the three most prestigious luxury department stores in Germany under the new operating company KaDeWe GmbH, and the 100% owner of the iconic KaDeWe property in Berlin.
Further, Central Group confirms the appointment of Timo Weber as CEO of KaDeWe GmbH and Simone Heift as Chief Buying and Merchandising Officer with immediate effect. Mr. Weber, who previously served as the Retail Director of The KaDeWe Group’s, will bring his extensive understanding of KaDeWe’s operations, people, and culture, as well as deep sector expertise, to the newly established company.
Tos Chirathivat, Executive Chairman and CEO of Central Group, said: “We are delighted to have all three German stores back in our luxury department store portfolio under improved terms which enable more sustainable operations, along with our ownership of the landmark Berlin property. This demonstrates our unwavering commitment to supporting our European business. I wish to thank the entire KaDeWe team for their enduring efforts to support the company through some challenging times. Looking forward, Central Group remains fully focused on strengthening KaDeWe and every department store in our portfolio through our extensive expertise in retail and services. Our goal is to achieve mutual growth and secure a sustainable future for our colleagues, partners, and customers.”
