The American businessman, a specialist in real estate and distribution, is reported to have taken over the German department store chain Galeria Karstadt Kaufhof from its Austrian owner, the Signa Group, which is in the throes of a financial and legal collapse. Richard Baker is said to be allied in the deal with German Bernd Beetz, ex-managing director of Coty, Lvmh and Christian Dior.
Austrian real estate group Signa’s failing retail empire is the subject of much speculation and rumor.
According to the German press, Signa’s German department store group Galeria Karstadt Kaufhof has been acquired by American businessman Richard Baker. This was done in partnership with German entrepreneur Bernd Beetz, former head of Coty, the perfumes and cosmetics division of Lvmh and CEO of Christian Dior.
This information has not been commented on by those involved.
92 stores
As far as Richard Baker is concerned, the takeover is said to have been carried out by NRDC Equity Partners, his investment fund.
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