Berlin — In a move to boost its multichannel activities, Signa Retail, the parent company of the German Karstadt department store chain, has acquired the insolvent online outlet, Dress-for-Less.
On Monday, the Austrian group, which also owns Karstadt Sport and has a stake in the KaDeWe Premium Group, said the purchase was a strategic step to broaden its online business. Financial details of the sale were not disclosed, but Dress-for-Less will remain headquartered in Kelsterbach, Germany, with current chief executive officer Antonio Gonzalo at the helm. Founded in 1999, the discount e-tailer is active in 13 countries, with the focus on German-speaking Europe and the Netherlands.
The acquisition is expected to generate positive synergies in particular with Karstadt’s recently upgraded online store, karstadt.de. Moving ahead, Signa Retail said it looks to “boost online sales volumes with Dress-for-Less to some 100 million euros” or $111.7 million at current exchange.
In addition, Dress-for Less will not only supply the group with e-commerce know-how but a tailor-made logistics concept, modern depot location and established online fashion competence, Signa pointed out.