Thailand's largest retailer Central Group said it is buying Swiss luxury department store Globus and other real estate assets in a joint venture with Austria's Signa for more than 1 billion Swiss francs ($1.03 billion). The purchase of Globus and the real estate from Migros-Genossenschafts-Bund (MGB) is the latest expansion for Central Group, owned by the billionaire Chirathivat family, in European luxury malls.

"As a historical Swiss brand, Globus is a perfect fit for our European alliance with strong local presence and international recognition," said Central Group Europe Chief Executive Officer Vittorio Radice, who will assume leadership of Globus.

Central Group jointly owns Germany’s KaDeWe Group, Italy’s Rinascente and Denmark’s Illum with Signa.

Globus acquired by Central Group and Signa