Although practically unknown in our parts, the Thais of Central Group are a reality of weight in their country of origin and have under their umbrella a subsidiary that operates in the retail sector (and which is the leader of the local market), one that operates in real estate sector, one in marketing, one that deals with catering and a hotel chain. Their interest in a large prey like la Rinascente is therefore perhaps less curious than it appears at first sight. For three reasons.
The Central Group seems to have enough broad shoulders to embark on such an operation (and in fact the offer of 250 million euros has exceeded the expectations of most of the shareholders). Secondly, because after the annus horribilis of 2010, when its most prestigious property (the Central World mall) was destroyed during the retreat of the red shirts from downtown Bangkok, the Central Group seems willing to push the investment pedal again , both at home and abroad. And therefore why, within this recovery strategy, foreign markets seem destined to play an important role.
But the real driver behind Thai society's assertiveness is the high expectations surrounding the Chinese's propensities to consume within their own country, but also when traveling abroad, both cheaper in Southeast Asia and those, hence the interest in Italy, more expensive and selective in Europe.
To understand the reasons why a Thai retailer is relying on Italy to intercept the consumption of the new rich Chinese, it is sufficient to look at the data of Global Blue, a Swiss company specializing in tax refunds. In 2010, every Chinese traveling in Europe spent an average of 744 euros on tax-free purchases, more than Americans (554), Japanese (521) and Russians (368). A figure which, in a country characterized by medium-high range shopping like France (and for this reason comparable to Italy), has reached 1.300 euros per person.
The phenomenon of purchases by Chinese tourists in Europe is also relevant in absolute terms. Still taking France as an example, it is difficult not to notice how last year tourist spending grew by 35% reaching 3 billion euros, of which 650 million are attributable exclusively to Chinese people traveling for pleasure or business. It is no coincidence that today the main customers of Global Blue's value added tax refund services are the Chinese, with 17% of transactions against 15% of Russians.
The other striking sign of the will to recover of the group controlled by the Chirathivat family comes instead from Bangkok, where work began last February on the construction of the Central Embassy, a shopping mall that will have to change the skyline of the Thai capital and become a attraction for the increasingly numerous Chinese tourists – always them – passing through Thailand. A category of travelers certainly not small, but with a lower spending attitude than that of Europe lovers and which remains below 250 dollars a day.
However, the Chinese boom is not made up only of travellers, but also of permanent consumers. It is with them in mind that the Central Group has just opened a department store in the city of Hangzhou in Zhejiang province and is preparing to open two in Shenyang in Liaoning province and one in Chengdu in Sichuan. All projects with an investment of over 30 million dollars each which should be the bridgehead of an expansion plan of 2-3 shopping centers a year.
With these premises and with all this interest in high-end Chinese consumption, it is difficult to imagine that a brand with the positioning of Rinascente in a country with a strong tourist vocation such as Italy could escape the plans of a Central Group determined to rise from the ashes of its most prestigious mall, riding the Beijing boom. Wherever it takes him.
The request for seizure of 96% of the shares of Ru, the controlling holding company of Rinascente, was rejected by Vincenzo Perozziello, judge of the eighth civil section of the Court of Milan. The request was presented by Maurizio Borletti, president of the same holding and owner of the remaining 4% of the capital.
