Retailer Douglas pumps up to 500 mln eur in beauty expansion
FRANKFURT, June 25
FRANKFURT, June 25 (Reuters) - German retailer Douglas said it was making up to 500 million euros ($655 million) available to its perfumeries business as part of plans to grow internationally.
Douglas, taken private by the Kreke family that run the group and private equity firm Advent International, said the group would invest in acquisitions both at home and abroad, open new stores and modernise existing ones.
It has recently been reported that Douglas is interested in buying French chain Nocibe, a deal which would make the German group the second biggest perfume chain in France behind LVMH-owned Sephora.
Manfred Kroneder, the head of the group's perfumery division, declined to comment on the reports.
"We do want to grow via targeted acquisitions, but we are not in a position to comment," he told reporters at the Douglas store on Frankfurt's busiest shopping streets. ($1 = 0.7637 euros) (Reporting by Victoria Bryan; Editing by Christoph Steitz)
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