BERLIN — Douglas Perfumeries is set to get funding to help spur its European expansion.
Douglas Holding, the Hagen, Germany-based owner of the Douglas Group, which in addition to the perfumeries counts books, fashion and jewelry chains among its retail holdings, said Tuesday it would invest up to 500 million euros, or $655.2 million at current exchange, in its perfumery arm. Douglas Perfumeries currently have 734 foreign and 440 domestic doors.
The money is to go toward opening new stores, modernizing existing ones and acquisitions both at home and overseas, the company said. Douglas Perfumeries chief operating officer Manfred Kroneder said in a statement: “We will establish our perfumeries as pace-setters in the European beauty market” and set the launch date of holiday season 2013 for its new strategy.
According to recent reports, Douglas has an interest in acquiring Nocibé, France’s third-largest perfumery chain. A spokeswoman at Advent International, among Douglas Holding’s owners, had said earlier that the company does not comment on rumors.
Douglas Holding also aims to “redefine the perfumery concept” by working with partners, while growing the Douglas brand, bringing improved product assortment, better customer service and luxury brands to the forefront. Additionally, investments will be made into Douglas’ online business in existing core markets as well as new countries. Internally, a new organizational structure for the perfumery division is in the works, as well.
Douglas Holding is currently at the end stages of a stock squeeze-out. The company, owned since January by a consortium made up of private equity group Advent International and Douglas’ founding Kreke family, will be taken off the stock market in the near future.