Despite recent disappointing developments, the electronics retailer Ceconomy does not want to part with its stake in its French industry colleague Fnac Darty.
In the past 2022/2023 financial year, the Düsseldorf-based company was in the red due to an impairment of the 23 percent stake. “We are looking at this investment from a strategic perspective,” said Ceconomy CFO Kai-Ulrich Deissner to the “Börsen-Zeitung” (Saturday edition).
In principle, he would rather be involved in another European competitor than the other way around. “And the markets for consumer electronics in Europe are extremely fragmented.” In nine of the eleven markets in which Ceconomy operates, it is either the market leader or in second position, Deissner continued. “Sometimes with market shares of 20 percent. That gives a lot of room for consolidation.” In the short to medium term, he considers consolidation within a national market to be significantly more value-generating than across markets.
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FRANKFURT (dpa-AFX)
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