02/10/2020 12:06 PM
(Act. 10.02.2020 12:06)
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SportScheck is in the hands of Signa Retail
© APA (dpa)
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The Karstadt Kaufhof parent company Signa Retail owned by real estate investor Rene Benko can further expand its strong position in the German market for sports and outdoor items. The German Federal Cartel Office gave the company the green light on Monday for the takeover of the competitor SportScheck, which had previously belonged to the Otto Group.
“The takeover creates the leading provider in the sports / outdoor retail sector in Germany. Nevertheless, the end result is harmless to the competition,” said Kartellamt president Andreas Mundt on Monday.
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For across Germany, the combined market shares of Signa Retail and SportScheck in the relevant areas would remain below 15 percent even after the merger.
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With Karstadt Sports, the Galeria-Karstadt-Kaufhof department stores and several specialized sports providers such as Tennis Point and Outfitter, Signa Retail has become one of the leading sports goods providers in Germany in recent years. With the acquisition of SportScheck, 19 additional shops and an online shop, including in Austria, have been added.
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According to the Bundeskartellamt, strong competitors such as Decathlon, but also the sports retailers who are affiliated to the Intersport and Sport 2000 purchasing groups, continue to guarantee effective competition in the industry. And online retailers such as Amazon or the manufacturers’ online shops further increased competitive pressure.
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SportScheck has been struggling with red numbers for years. The parent company Otto therefore put the company up for sale. The company, which has around 1,300 employees, generated sales of around EUR 280 million in the 2018/19 financial year. That was a minus of 2.3 percent compared to the previous year. Signa Retail sees an important growth market in the sports business.
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