Getty Images / picture alliance, Sean Gallup
The moment has come for René Benko’s competitors. Because of the insolvency of Signa Holding, its luxury department stores have also gone bankrupt; competitors can now use this as an opportunity to take over the consumer temples for smaller capital. In fact, the name Breuninger is already being considered as an interested party for the traditional Kaufhaus des Westens (Kadewe). There are said to be other interested parties who have submitted binding offers.
However, there is currently no name on the list of bidders that has the best chance of taking over Kadewe and Benko’s entire luxury group. This is the Central Group from Thailand. She already owns around half of Kadewe and is also invested in numerous other Luxury Group properties. Several Central Group insiders have now told us about a secret plan by the Thais. They therefore want to take over the entire luxury group from Benko, including Kadewe, Alsterhaus, Oberpollinger, Globus and Selfridges. Our research also shows the schedule and sequence of the Thais’ planned takeovers.
First and most important step: Selfridges
René Benko and the Central Group took over the London luxury department store Selfridges in 2022 for an incredible four billion euros. The shares were divided equally between the parties, but Benko initially remained in charge. At the time, however, the Signa founder is said to have concealed the fact that he had also passed on parts to the Saudi sovereign wealth fund PIF immediately after the joint purchase.
Our research shows that the Central Group is currently negotiating with the Saudis on two points: Firstly, the Thais want to increase their stake in Selfridges to 60 percent. They also want to take over the operational management of the department store in the long term. The negotiations are still ongoing and are currently the number one priority at Central Group.