BERLIN – Arcandor, the renamed holding company of the former KarstadtQuelle Group, said Wednesday that it intends to create a European premium department store alliance with La Rinascente and Printemps.
Arcandor, the Karstadt Premium department stores, La Rinascente and Printemps have agreed to take cross stakes in each others’ operations with the aim of creating “a unique European department store portfolio and to leverage the high synergy potential.”
“The premium segment still has great growth potential both throughout Europe and beyond,” Peter Wolf, chairman of Karstadt Warenhaus GmbH, said in a statement. “Together with our partners, we will rapidly expand the Premium Group further, ultimately setting a clear market leadership in Europe’s luxury segment.”
For more, see Thursday’s issue of WWD.