Central Group, Thailand's largest retailer, owned by the Chirathivat family, said that it is acquiring majority stakes in three German department stores belonging to Signa, an Austrian retail and real estate company, for an undisclosed sum. Following earlier acquisitions in Italy and Denmark, this is Central's third European deal. These latest buys will double the group's sales in Europe to 1.2 billion euros ($1.35 billion) annually. "We are extremely pleased to join forces with Signa," said Central CEO Tos Chirathivat. "As a Thai company, we are very proud to have the opportunity to acquire and develop three of the best department stores in Germany." Central is buying 50.1% in KaDeWe Group, which operates the three luxury stores. Signa will retain the rest. The three additions -- KaDeWe (Kaufhaus des Westens) in Berlin, Oberpollinger in Munich and Alsterhaus in Hamburg -- are all iconic department stores more than a century old. They form the luxury arm of German retail giant Karstadt, which Signa took full control of last year. Credit and view full story at Nikkei