KaDeWe Group (Germany, Central Group)
KaDeWe Group is a historic German luxury department-store group operating Kaufhaus des Westens (KaDeWe) in Berlin, Alsterhaus in Hamburg, and Oberpollinger in Munich. Owned by Thailand's Central Group (Chirathivat family) via the Signa-Central joint venture (since 2015), with Central Group taking sole ownership after Signa's bankruptcy in 2024. Anchor of Central Group's European luxury-retail strategy alongside La Rinascente (Italy), Illum (Denmark), and Selfridges Group.
Profile overview
KaDeWe Group is a historic German luxury department-store group operating Kaufhaus des Westens (KaDeWe) in Berlin, Alsterhaus in Hamburg, and Oberpollinger in Munich. Owned by Thailand's Central Group (Chirathivat family) via the Signa-Central joint venture (since 2015), with Central Group taking sole ownership after Signa's bankruptcy in 2024. Anchor of Central Group's European luxury-retail strategy alongside La Rinascente (Italy), Illum (Denmark), and Selfridges Group.
Store portfolio
KaDeWe Berlin
Kaufhaus des Westens — Germany's largest luxury department store
KaDeWe (Kaufhaus des Westens) on Kurfürstendamm, Berlin, is Europe's second-largest department store after Harrods. 7 floors, 380+ luxury brands, iconic gourmet food hall on the 6th floor. Estimated 3M annual visitors; revenue approximately EUR 200-250M. Acquired by Central Group via Signa JV in 2015.
Alsterhaus Hamburg
Premier Hamburg luxury flagship
Alsterhaus on Hamburg's Jungfernstieg is the city's premier luxury department store. Approximately 16,000 sqm, focusing on fashion, beauty, and fine jewellery. Hosts Hamburg's top luxury-brand concessions. Central Group acquired full ownership from Signa in 2024 following Signa Group's insolvency.
Oberpollinger Munich
Munich luxury retail destination
Oberpollinger on Neuhauser Strasse in Munich is Central Group's third German asset. Approximately 22,000 sqm across 5 floors, featuring fashion, lifestyle, and beauty. Munich location benefits from corporate travel and DACH luxury-consumer base. Subject to Central Group's ongoing renovation programme.
Peer comparison — European luxury department store groups
Owner
Central Group (Thailand)
Key flagship
KaDeWe Berlin
No. of stores (approx.)
3
Owner
Central Group (Thailand)
Key flagship
Milan (Duomo)
No. of stores (approx.)
11
Harrods
Owner
Qatar Investment Authority
Key flagship
London (Knightsbridge)
No. of stores (approx.)
1
Galeries Lafayette
| Group | Owner | Key flagship | No. of stores (approx.) |
|---|---|---|---|
| KaDeWe Group | Central Group (Thailand) | KaDeWe Berlin | 3 |
| La Rinascente | Central Group (Thailand) | Milan (Duomo) | 11 |
| Harrods | Qatar Investment Authority | London (Knightsbridge) | 1 |
| Galeries Lafayette | Moulin family (France) | Paris (Boulevard Haussmann) | 60+ |
Watchpoints 2025-2026
Post-Signa integration
Balance-sheet cleanup and capex priorities
Central Group assumed full KaDeWe Group ownership following Signa's 2024 insolvency. Resolving Signa creditor claims, refinancing legacy property leases, and executing deferred renovation programmes across all three stores require significant management and capital allocation.
German economic cycle
Germany recession exposure for luxury spend
Germany entered a technical recession in 2023-2024 with manufacturing-sector weakness. KaDeWe Group revenue depends partly on domestic German HNW consumer spending; international tourist spend (US, Middle East, Asian) provides a partial counter-cyclical buffer.
Luxury tourism recovery
Berlin and Munich inbound visitor rebound
Berlin and Munich inbound luxury tourism recovered strongly in 2023-2024 post-COVID. US and Gulf tourists are driving KaDeWe's fashion and fine jewellery sales. Continued Schengen-visa facilitation for Gulf and Asian visitors supports KaDeWe's premium tourist-spend segment.
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