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Over the next few years, Hudson’s Bay means to invest a billion euro into its fashion department stores across Germany, the Netherlands, Belgium and Luxembourg, according to Galeria Kaufhof CEO Olivier Van den Bosssche.
European expansion
Many clothing groups are facing troubling times, but Hudson’s Bay wants to invest heavily into the market, particularly to expand and elaborate its European department store division. The Canadian group will not have to start from scratch, because the historic company, with roots dating back to 1670, has acquired German Galeria Kaufhof (including Sportarena and Belgian chain Inno) from the Metro Group on 1 October 2015.
The company value was at least 2.5 billion euro and the company already has several well-known brands in North America, including Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks Off 5th, Find @ Lord & Taylor and Home Outfitters.
Belgian leads European expansion
Olivier Van den Bossche will lead Hudson’s Bay’s European expansion. He became Galeria Kaufhof’s CEO in October 2014, after leading the Belgian Galeria Kaufhof subsidiary Galeria Inno for more than eleven years.
In total, more than 21,500 people work for the group with a 3.1 billion euro (fiscal year 2013/14) turnover. Kaufhof currently has 100 fashion department stores across 80 cities, while Galeria Inno has 16.
The Kaufhof CEO will be one of the RetailDetail’s RetailDetail Day keynote speakers for a Dutch-speaking audience on 22 September in Utopolis Mechelen, where leading representatives from the local industry will discuss how retailers can set themselves apart in these turbulent times.
