Thailand-based retail giant Central Group has teamed up with Austrian investor Signa in a joint venture to acquire Swiss luxury department store group Globus.

The pair will also buy eight associated retail properties at top inner-city locations from retailer Migros-Genossenschafts-Bund (MGB). The deal builds on a partnership already established between Central and Signa under the European Luxury Department Store Group banner, which operates luxury department stores KaDeWe Group (Germany and soon Austria), Rinascente (Italy) and Illum (Denmark).

“As a historic Swiss brand, Globus is a perfect fit for our European alliance with strong local presence and great international recognition,” says Vittorio Radice, CEO of Central Group Europe. “By working together, we will guarantee Globus and the rest of our brands a solid, sustainable and successful future.”

Radice will assume strategic leadership of Globus, while Thomas Herbert, currently CEO of Globus, will become a member of the board of directors.

The deal is expected to close in mid-2020.