Belgian electronics chain Krefel acquired by France's Boulanger

Wednesday 12 June 2019 | 15:50 CET | News
France’s Boulanger group is set to acquire Belgian electronics retail chain Krefel from the Poulet family for an estimated price of EUR 200 million, De Tijd and Le Soir reported. Boulanger is owned by the Mulliez family. Krefel union members were informed about the deal during an extraordinary meeting of members. No information has yet been disclosed about how the deal will be handled: if shops will be closed or if there will be redundancies. The sale still has to be approved by the Belgian competition authorities. 

Krefel has 74 sales points and 1,200 employees. Annual profit usually runs at about EUR 8 million, on revenues of EUR 405 million. Boulanger has 147 sales points, plus 67 of Electro Depot, and records revenues of around EUR 2.6 billion per year. The company will also be buying Hifi International in Luxembourg, with its 11 shops. 

De Tijd noted that the retail sector has been consolidating over the past few years. France’s Fnac bought Darty of the UK in 2016. Darty was present in Belgium as Vanden Borre, a competitor to Krefel. In 2017, Ceconomy, the parent of another competitior, Media Markt, acquired a share in Fnac Darty. Online competitors to Krefel include Amazon as well as Bol.com and Coolblue.  

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Categories: General
Countries: Belgium / France
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