German retailer buys Luxembourg department store Bram
Outlet in Betrange acquired by Breuninger, in its first expansion outside of Germany
Luxembourg department store Bram will be taken over by Stuttgart firm Breuninger pending regulatory approval, in the company's first foray outside of Germany, it announced on Monday.
The deal comes as part of Breuninger's acquisition of family-owned retailer Konen Bekleidungshaus. Konen, which has a total workforce of almost 700, currently owns one store in Munich in addition to Bram, which is located in the City Concorde shopping centre in Bertrange.
The "move once again underscores (Breuninger's) optimistic outlook for bricks-and-mortar retail," the firm said in a press release.
Bram's sales area of 11,000m² in Bertrange is one and half time the size of a football pitch. It sells its own brands in addition to private labels such as Donna Lane and Johann Konen and since 2018 has also offered shoes as part of its range.
The addition of the two department stores will bring Breuninger's total number of outlets to 13.
The value of the deal has not been disclosed and the transaction is subject to the final approval of antitrust authorities in Germany.