IL group Maxeda Retail Group B.V. said yesterday it has agreed to sell the Dutch luxury department store chain, De Bijenkorf – or “the beehive” to Selfridges Group for an undisclosed sum.
The transaction is part of an overhaul of the Dutch non-food retail sector, with KKR’s Maxeda also selling the Hunkemoeller lingerie stores and private equity group Lion Capital trying to sell the Hema mid-market department store chains.
De Bijenkorf, whose flagship store is a landmark building in Amsterdam’s main Dam square, has 12 department stores in the Netherlands’ biggest cities including Rotterdam and The Hague.
“This is an exciting opportunity for us to enter the Dutch marketplace with the acquisition of this iconic retailer,” said W. Galen Weston, chairman of Selfridges Group, in a statement.
Selfridges Group, a subsidiary of Canada-based Wittington Investments, operates luxury retailers Selfridges in the UK, Brown Thomas in Ireland, and Holt Renfrew in Canada. With the addition of De Bijenkorf, its turnover will be close to £2bn, the firms said in a joint statement. Maxeda, owned by Kohlberg Kravis Roberts, has international retail outlets in Europe, Russia and the Middle East.