FRANKFURT Oct 20 Private equity firm Advent
wants to expand German retail jewellery chain Christ abroad as
part of its plan to extract value from its 1.5 billion euro
($1.95 billion) takeover of parent group Douglas Holding
"From our perspective an expansion is the next step," Advent
general manager Ranjan Sen told business weekly
"The German-speaking market, above all Austria, is an option
that virtually suggests itself. Christ could profit from the
experience that the Douglas group has already made there."
Under a deal announced earlier this week, the Kreke founding
family teamed up with Advent to take German perfume-to-books
retailer Douglas private as chief executive Henning Kreke
carries out a restructuring of its books business Thalia.
Sen said he was also looking to dispose of some Douglas
businesses to support the family's plans to rearrange assets,
which include Christ, Thalia, ladies fashion retailer
AppelrathCüpper and the eponymous Douglas perfume store chain.
"One of the Kreke family's secrets to success has certainly
been an active portfolio strategy," he said.
He said Douglas also planned a quicker expansion of perfume
stores faster in Turkey and, in the medium term, Asia could also
be a destination.
($1 = 0.7674 euro)
(Reporting By Christiaan Hetzner)