Kaufmans department store chain KAUFMANS will acquire a majority stake in the retail giant as it expands into the luxury department store sector.
The company, which owns more than 200 department stores and about 70 retail outlets worldwide, will hold a special shareholders meeting on Monday to announce the transaction, the company said in a statement on Tuesday.
The deal will allow Kaufmens to continue to operate as a small family-owned business, which will be the largest shareholder in the new entity, the statement said.
The Kaufmans will retain ownership of their brands, including Kaufmen’s Jewelry and KAUSTERS clothing.
They also will retain a minority interest in the brand, the Kaufhans said.
Kaufmans is currently owned by the Kauffmans family, which has led the company for more than half a century.
Its portfolio includes more than 600 department stores.KAUFMANS has been a leader in the luxury retail sector for decades.
The chain has more than 1,100 stores in 30 countries, with more than 2,000 employees and more than 60 stores operating in more than 70 countries.