Yesterday, the German newspaper Frankfurter Allgemeine Zeitung had already reported that Galeria was preparing the sale of Inno and would make an official announcement this week.
Inno has sixteen stores in Belgium and employs around a thousand people. The department stores were taken over by the German department store chain Galeria Kaufhof in 2001. As a result, turnover increased, but profits did not follow suit.
According to Stefan Van Rompaey, editor-in-chief of the specialized website RetailDetail, the luxury department store sector is having a hard time. “The corona pandemic has played an important role in this, because international tourism has disappeared,” he says.
Last year Inno celebrated its 125th birthday.
2023-10-18 10:07:00
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