Media Markt and Saturn’s parent company, Ceconomy, issued an alert warning it would probably have weaker first quarter results.
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Media Markt and Saturn’s new parent company, CECONOMY, has performed well in its fiscal year 2016/2017. Its 1.3 % turnover increase was largely thanks to improved online sales.
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MediaMarkt’s parent company, Ceconomy, has the key to consolidate the European electronics industry even more. The retailer will sell services and solutions: “We help people make the right decisions.”
Ceconomy, a former part of German Metro Group, achieved a 4.6 % fourth quarter turnover increase to 5.264 billion euro. Media Market’s parent company mainly made strides online.
Ceconomy, the newly-formed electronics company that split off from the Metro Group, grew 1.1 % in its first independent quarter. The owner of Media Markt and Saturn saw its web shops outperform physical stores.
Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.
A court in the German city of Düsseldorf has registered the two separate companies that thus far made up the Metro Group. As of now, both companies feature on the stock exchange separately.
99,95% of German Metro Group's shareholders approved the company's split into Metro and Ceconomy, bringing the actual split very close.
After Metro Group's split into Metro and Ceconomy, both branches will be led by a Dutch CEO. The aim of the split is to create two stronger branches.
German Metro Group has unveiled the details about the company split into two separate entities: one with a focus on consumer electronics, the other grouping Metro's food and wholesale divisions.