Ceconomy


Ceconomy AG is a German consumer electronics retailer. Ceconomy operates the consumer electronic chains Media Markt and Saturn through MediaMarktSaturn Retail Group. It is a direct successor to the old Metro Group after its 2017 demerger, which led to spun-off of its food retail assets, including Metro Cash & Carry and Real.

History

Ceconomy AG came into being on 12 July 2017 as the consumer electronics division and the food retail division of Metro AG were demerged into two separate companies, each with their own stock-market listing on the MDAX. Since 24 September 2018 Ceconomy is listed in the SDAX. The food retail business is still known as Metro AG.
The reasons given for the demerger were that the two businesses had relatively little synergies and could be better developed as separate companies.
On 6 February 2017, the AGM of Metro AG agreed to the demerger. The demerger was executed on 12 Juli 2017 by way of required changes in the Trade Register in Düsseldorf, followed by the IPO on 13 July. Metro AG was renamed to Ceconomy AG on 11 August 2017. Subsequently, Metro Wholesale & Food Specialist AG was renamed to Metro AG on 18 August 2017.
In March 2020, Ceconomy applied for financing from German state bank KfW to mitigate the impact of the COVID-19 pandemic on its business following forced shop closures.

Operation

Ceconomy is the largest European consumer electronics retailer, primarily through Media-Saturn-Holding, the holding company for the chains Media Markt and Saturn.
Ceconomy also have 24% interest in French multinational Fnac Darty and 15% interest in Russian retail M.video.
In the medium and long term, the company plans to establish or acquire additional subsidiaries in the consumer electronics sector.