May 30, 2011
BANGKOK (AFP) - The Thai retail giant buying Italian department store chain La Rinascente said Monday that it planned to expand the upscale brand in overseas markets including Asia.
"We will make La Rinascente a global brand, and will promote it in China, Japan, Hong Kong and the Middle East," said Tos Chirathivat, chief executive of Central Retail Corp.
"Central is a long-term player, and it will be our long-term asset."
He said two planned new stores in Venice and Rome would help the Thai company recoup the cost of its purchase of La Rinascente, announced on Friday, for 205 million euros ($293 million).
La Rinascente, a historic brand that traces its roots back to 1865, already has 11 department stores in Italy's main cities.
The company became one of the symbols of Italy's post-war economic miracle and was at one point owned by iconic auto giant Fiat. It has since sold its food outlets and closed down several major department stores.
It now sells mainly womenswear and high-end cosmetics and accessories.
The heir of the chain's founders, Maurizio Borletti, who holds a four percent stake in La Rinascente, had tried to oppose the sale but a court in Milan earlier rejected his attempt to block it.
