The Austrian holding company Signa Retail has rescued online clothing discounter dress-for-less from insolvency and staked a claim in the growing market for outlet stores in Germany.
Signa, the owner of the German legacy department store Karstadt, reportedly acquired dress-for-less for a sum in the two-digit million range.
Dress-for-less will continue to operate independently under the leadership of Chief Executive Antonio Gonzalo at its headquarters in Kelsterbach. Most of the company’s 260 employees will keep their jobs.
With that, Signa Retail is taking the fight to rival Kaufhof, owned by the Canadian firm Hudson’s Bay. It marks the latest move in a battle for control of the online market between Germany’s two largest department store chains.