Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

German department stores Kaufhof and Karstadt to merge

Canadian retail group Hudson’s Bay Company (HBC) has entered an agreement to merge HBC Europe, which trades as Galeria Kaufhof, with Austrian Signa Retail Holdings, which owns the Karstadt department stores.

The combined department store group had annual sales of around €5.4bn (£4.8bn) last year.

“We are excited to bring together these iconic banners to create Germany’s leading retail business,” said Helena Foulkes, HBC’s chief executive. “We are creating a stronger retail entity that is better positioned to capitalise on market opportunities.”

The new retail company will be led by Dr Stephan Fanderl, chief executive of Karstadt. HBC and Signa will share six board seats and have joint oversight of all major decisions.

HBC will own 49.99% of the group, while Signa will hold the remainder.

HBC trades as Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks Off 5th, and Home Outfitters in North America.

In Europe, its brands include Galeria Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria Inno, Saks Off 5th in Germany and the Netherlands, and Hudson’s Bay in the Netherlands.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.