German retailer Douglas boosts perfume unit

Douglas, a German retailing firm, announced that it was selling Eur500 million or US$655 million to its perfumeries and scents business. This is lieu of the company's plan to expand its international market, according to Douglas.

The German company was made private by the Kreke family and private equity and investment company Advent International. Douglas said that the group will make investments in buyouts outside and inside their country. The company plans on opening more stores and upgrading the existing ones.

Dougles was reportedly eyeing Nocibe, a chain from France. Such deal would make Douglas almost the largest perfumeries company in France. Sephora is currently the top perfumeries firm in the country, owned by LVMH.

Douglas' head of the perfumery division Manfre Kroneder, was not able to give his comments regarding the expansion.
"We do want to grow via targeted acquisitions, but we are not in a position to comment," said Kroneder in a Douglas store in Frankfurt.

Reuters