Central Group Takes Full Control of KaDeWe Stores in Germany, Names Timo Weber CEO

LONDON — Thailand’s Central Group is exerting greater control over its European retail operations with the acquisition of 100 percent of KaDeWe’s three department stores, and the appointment of Timo Weber as chief executive officer of the German group.

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Central, a family-owned retail, real estate and hospitality conglomerate, said it is now sole owner-operator of KaDeWe Group, which comprises KaDeWe in Berlin, Oberpollinger in Munich, and Alsterhaus in Hamburg.

It has also finalized the purchase of the KaDeWe building on Tauentzienstrasse, Berlin’s famous shopping street, and created a new operating company, KaDeWe GmbH.

In addition to naming Weber CEO, Central has appointed Simone Heift chief buying and merchandising officer with immediate effect.

It’s been a busy week for Central, which on Monday said that André Maeder, who is CEO of Selfridges Group and of Central Group Europe, would succeed Andrew Keith as head of the Selfridges stores later this year.

Tos Chirathivat, executive chairman and CEO of Central Group, said the acquisition of all three KaDeWe stores “brings to an end a period of uncertainty for KaDeWe and demonstrates our unwavering commitment to supporting our European business. We are delighted to have all three German stores back in our flagship store portfolio, on improved terms, along with our ownership of the landmark Berlin property.”

He thanked the staff for supporting Central through “challenging times which are now in the past,” a reference to the collapse last year of Central’s former business partner, the Austrian property giant Signa.

“Looking forward, we remain fully focused on strengthening KaDeWe, sharing our expertise and providing resources to drive its growth and ensure a sustainable future for our colleagues, partners and customers,” he said.

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Maeder said Central “will work hard to elevate the business to new heights.” He described Weber as “not new to KaDeWe. He has been an integral part of this company for many years and brings an extensive understanding of KaDeWe’s operations, people and culture, as well as deep sector expertise.”

Weber, who most recently was retail director of the KaDeWe Group, said he was looking forward to a “new era in KaDeWe’s development, with Central Group ensuring the stability of this iconic retail business. I look forward to working closely with my valued colleagues to achieve our goals for the benefit of all stakeholders.”

It has been a difficult year for Central Group, after its longtime investment partner Signa was placed into administration. Signa, founded by René Benko, was rocked by a sharp rise in interest rates, plummeting real estate values, and poor management.

Administrators are currently selling off the company’s assets.

Following Signa’s collapse, Central vowed to stand by its luxury retail properties, and later took controlling stakes in Selfridges and KaDeWe.

As reported last week, Signa’s share in Selfridges is for sale, with Saudi Arabia’s Public Investment Fund reported to be interested in buying it. PIF already has a 10 percent stake the company that owns the Selfridges properties.

Central owns properties across Southeast Asia and Europe. It planted its flag in Europe with the acquisition of Rinascente in 2011, and following it up with the purchase of the Danish department store Illum in 2013. Central invested in the KaDeWe Group in 2015, Globus in 2020, and Selfridges Group in 2022.

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