Currently, the group’s total sales revenue in Europe stands at Bt40 billion. But it expects to achieve Bt100 billion by 2020.

The investment budget of Bt10 billion will be spent on renovating its existing branches in Europe, especially in Germany. Another Bt2 billion would be spent opening a new branch of La Rianscente in Turin, Italy, he said.

At present, the Central Group owns three department stores in Europe, including the KaDeWe Group in Germany, in which it took a major stake in 2015; La Rianscente in Italy, which it bought in 2011, and Illum in Denmark, which was snapped up in 2013.

Tos said the group is focused on Europe and Asean for overseas investment, as the company sees potential to expand its business in both regions.

In Asean, the company is focusing on Vietnam after its success in acquiring a major stake in Big C Vietnam in April this year from France’s Casino Group for Bt36.6 billion.

“The Big C takeover got us not only the Big C hypermarkets, which comprise 33 branches in Vietnam, but 10 convenience stores and 30 shopping malls owned by Big C Vietnam’s subsidiaries. The challenge for us is to concentrate on the retail business in Vietnam at this time,” Tos said.

He added that the company also plans to change the name of Big C in Vietnam but said that would be finalised next year.

“Although we can use the Big C brand for 10 years after the takeover, we have decided to change the name next year instead of waiting for 10 years,” he said.

Central Group has expanded its business in Vietnam by establishing Central Group Vietnam in 2011 with its business partner Nguyen Kim.

Central Group Vietnam currently operates two Robins department stores in Hanoi and Ho Chi Minh City, as well as two Marks & Spencer stores, 27 Supersports stores, 21 Nguyen Kim stores selling electronic goods, and 13 branches of Lan Chi Mart retail and wholesale food stores in Vietnam early this year.

After the takeover of a majority stake in Big C Vietnam, the Central group recorded total sales revenue of Bt40 billion in Vietnam. The group expects revenue in Vietnam to show double-digit growth annually.

Tos said the reason it sold its 25-per-cent stake in Thailand-based Big C Supercenter Plc to the TCC Group was because of its success in taking over Big C Vietnam. Also, a 25-per-cent stake in Big C Supercenter Plc was not enough for the company to manage the business.

“In Thailand, we will focus on the premium food market under the Tops brand, as we also have more business categories in Thailand. This is enough for our business expansion in Thailand’s retail market although we sold our stake in Big C Supercenter Plc,” he said.