Central Retail to Sell Italian Department Store Rinascente for €250m

Central Retail Corporation (CRC) has announced a major strategic shift, revealing plans to sell its Italian department store business, Rinascente, to its major shareholder, Central Department Store Co., Ltd. (HCDS). The deal is valued at €250 million.

In a statement to the Stock Exchange of Thailand released on Thursday, CRC confirmed that its board had approved the proposal from HCDS. 

The transaction is a two-part deal: the purchase of 100% of the shares in CRC Holland B.V., which holds the Rinascente business, and the repayment of a shareholder loan amounting to approximately €141 million in principal and accrued interest as of June 30, 2025.

CRC anticipates receiving a total of around 13,000 million baht in net cash after tax from the transaction. The proceeds will be allocated to two key areas:

The 5,297 million baht from the loan repayment will be used to reduce institutional debt, thereby strengthening the company's financial structure.

The remaining 7,700 million baht from the asset sale will be considered for a special dividend to shareholders, at an estimated rate of 1.28 baht per share.

The move is part of CRC's new strategy to concentrate investments on high-potential markets like Thailand and Vietnam, where it has a strong omnichannel ecosystem.

The company noted that the growth potential in Italy and other parts of Europe is currently lower.

For its part, HCDS plans to integrate Rinascente with its other European department store businesses, consolidating them under a single management structure.

The transaction is classified as a connected transaction and an asset disposal.

An extraordinary general meeting of shareholders is scheduled for November 6, 2025, to vote on the deal.

The company has also appointed Avantgarde Capital Co., Ltd. as its independent financial advisor to provide an opinion on the transaction to the shareholders.