Migros divests itself of Globus, Interio and Depot
Migros Group has announced its intention to sell its subsidiaries Globus, Interio, Depot and m-way.
The management of Migros Genossenschafts Bund (MGB) has decided to start sales processes for Globus, Gries Deco Group with the Depot brand, Interio and the e-bike subsidiary m-way, Migros says. The companies are well positioned, but synergies with Migros' core business are "rather low," it said. Analyses have shown that the companies outside the Migros Group have better chances of success, says Fabrice Zumbrunnen, president of the general management of MGB.
Globus has been majority-owned by MGB since 1997. Most recently, the department store chain has increasingly focused on the premium and luxury segment, resulting in fewer and fewer common points of contact and synergies. Interio's eleven furniture and home accessories stores have not benefited from sufficient synergies with Migros and have not developed as planned in the competitive furniture market, MGB said.
He also sees better growth opportunities outside the MGB for the Gries Deco Group with the Depot brand, which has grown in recent years, especially in Germany and Austria, and for the subsidiary m-way, a provider of e-bikes in Switzerland founded in 2010.
Migros Group intends to use the sales to strengthen its core business, expand the convenience segment, online retailing and the health sector, and further develop the Do it + Garden, OBI, melectronics, micasa, SportXX and Bike World specialty stores. (ah)
