What: Thai retailer Central Group has acquired the remaining assets of the German luxury department store chain KaDeWe Group.

Why it is important: This acquisition strengthens Central Group's presence in the European luxury retail market and allows it to manage some of Germany's most iconic department stores, enhancing its global footprint.

Central Group, a Thai retail giant, has purchased the remaining assets of KaDeWe Group, including the renowned KaDeWe store in Berlin and the other two stores, Alsterhaus in Hamburg and Oberpollinger in Munich. This move follows the insolvency of Signa, the property empire founded by Rene Benko. Central Group will continue operating these stores and plans to renegotiate the rent agreements. The acquisition underscores Central Group's strategy to expand its luxury retail portfolio in Europe amidst the real estate crisis affecting Signa.

Thailand's Central buys rest of German luxury retail business KaDeWe