Ceconomy

Ceconomy AG (written as: CECONOMY) is a German consumer electronics retailer. Ceconomy operates the consumer electronic chains Media Markt and Saturn through MediaMarktSaturn Retail Group. It is a direct successor to the old Metro Group after its 2017 demerger, which led to spun-off of its food retail assets, including Metro Cash & Carry and Real.

CECONOMY AG
TypeAktiengesellschaft (AG)
IndustryConsumer electronics
PredecessorMetro AG
Founded2017 (original group was founded in 1996)
Headquarters
Düsseldorf
,
Germany
Key people
Bernhard Düttmann (CEO)
Revenue€21,5 billion (2018/19)[1]
Websitewww.ceconomy.de

History

Ceconomy AG came into being on 12 July 2017 as the consumer electronics division and the food retail division of Metro AG were demerged into two separate companies, each with their own stock-market listing on the MDAX. Since 24 September 2018 Ceconomy is listed in the SDAX. The food retail business is still known as Metro AG.[2]

The reasons given for the demerger were that the two businesses had relatively little synergies and could be better developed as separate companies.[3]

On 6 February 2017, the AGM of Metro AG agreed to the demerger.[4][5] The demerger was executed on 12 Juli 2017 by way of required changes in the Trade Register in Düsseldorf, followed by the IPO on 13 July.[6] Metro AG was renamed to Ceconomy AG on 11 August 2017.[7] Subsequently, Metro Wholesale & Food Specialist AG was renamed to Metro AG on 18 August 2017.

In March 2020, Ceconomy applied for financing from German state bank KfW to mitigate the impact of the COVID-19 pandemic on its business following forced shop closures.[8]

Operation

Ceconomy is the largest European consumer electronics retailer, primarily through Media-Saturn-Holding, the holding company for the chains Media Markt and Saturn.[9]

Ceconomy also have 24% interest in French multinational Fnac Darty[10] and 15% interest in Russian retail M.video.[11]

In the medium and long term, the company plans to establish or acquire additional subsidiaries in the consumer electronics sector.[12]

References
  1. "Ceconomy" (PDF).
  2. Neue METRO veröffentlicht Börsenzulassungsprospekt, Pressemeldung der Metro Group vom 26. Juni 2017.
  3. "Focus Online" (in German). 2016-12-15. Retrieved 2016-12-15.
  4. Aktionäre beschließen Aufteilung
  5. "METRO GROUP Pressemitteilung" (in German). 2016-12-15. Retrieved 2016-12-15.
  7. Amtsgericht Düsseldorf, HRB 44806
  8. Arno Schuetze (March 28, 2020), Germany's Ceconomy applies for state financing over coronavirus Reuters.
  9. "Retail gloom grips German electronics group Ceconomy". Financial Times. 19 December 2018.
  10. "Ceconomy übernimmt 24 % der Fnac Darty-Anteile". euwid-moebel.de. 27 July 2017.
  11. "Germany's Ceconomy to swap Russian business for M.video stake". Reuters.com. 20 June 2018.
  12. "HandelMetro und Media-Saturn gehen eigene Wege". focus.de. 15 December 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.