What: Central Retail Corporation will sell its Italian department store business, Rinascente, to major shareholder HCDS for €250 million, reallocating capital to focus on growth in Thailand and Vietnam.

Why it is important: CRC’s sale of Rinascente signals a shift in global retail priorities, as Asian conglomerates prioritize regional expansion and financial strength over European diversification.

Central Retail Corporation (CRC) has announced the sale of its Italian department store business, Rinascente, to its major shareholder, Central Department Store Co., Ltd. (HCDS), for €250 million. The transaction includes the sale of 100% of CRC Holland B.V., which holds Rinascente, and the repayment of a €141 million shareholder loan. CRC expects to receive approximately 13 billion baht in net cash after tax, with proceeds earmarked for debt reduction and a potential special dividend to shareholders. This move is part of CRC’s new strategy to concentrate investments on high-potential markets like Thailand and Vietnam, where it has a strong omnichannel ecosystem and sees greater growth opportunities. The company cited lower growth potential in Italy and Europe as a factor in the divestment. HCDS, meanwhile, plans to integrate Rinascente with its other European department store businesses under a single management structure, signaling further consolidation in the sector.

IADS Notes:

Central Retail Corporation’s divestment of Rinascente and renewed focus on Thailand and Vietnam reflect a broader strategic realignment among Southeast Asian retail conglomerates. As reported by Inside Retail in March 2025, CRC has prioritized aggressive expansion and digital investment in its core Asian markets, while operational challenges in Europe and Vietnam have prompted a reassessment of portfolio priorities . Forbes in June 2025 highlighted CRC’s $1.4 billion investment plan for store expansion and renovation through 2027, underscoring the company’s commitment to long-term growth in high-potential markets . The Spin Off in December 2024 and SeeNews in April 2025 described ongoing consolidation and restructuring in the European department store sector, with asset sales and new ownership models emerging as key strategies for optimizing portfolios and protecting stakeholders . Inside Retail in November 2024 and Retail Week in July 2025 noted CRC’s strong financial performance and the use of asset sales to strengthen balance sheets and support shareholder returns . Finally, Inside Retail Asia in June 2025 and The Nation in December 2024 emphasized the intensifying competition and evolving strategies among regional players, as Central Pattana and The Mall Group invest in mixed-use developments and tourism-driven retail to adapt to changing consumer behaviors and economic conditions .

La Rinascente to be operated through the European structure of Central