BERLIN – The Hamburg-based Otto Group has taken over Quelle Russia, effective immediately. It has also acquired the Quelle trademark, including use of the brands, logos, images and most Internet domains for Germany and other Central and Eastern European markets.
Financial terms were not disclosed. However, Otto noted the takeover of Quelle Russia and the trademark rights is conditional upon approval by the Russian and European antitrust authorities.
The Quelle mail-order business, a division of the insolvent Arcandor Group, is being liquidated.
The Otto Group, the world’s largest mail order group, ranks second only to Amazon in online sales, and also operates over-the-counter retail doors. The firm also has financial service and other service businesses.
The acquisition “allows us to significantly develop our leading market position in one of the world’s biggest mail order growth markets,” stated Hans-Otto Schrader, the Otto Group’s chief executive officer and executive board chairman.
Quelle and Otto have been active in Russia for almost two decades, primarily focusing on fashion, shoes and home textiles.