Traditional department store Globus – This is the Thai family company behind Globus – News

The Family Council takes notice

The fact that large companies are family-run is widespread in Asia, explains Paveda Pananonde, professor of international business at Thammasat University. Most Thai companies are family controlled.

Like many other wealthy families in Southeast Asia, the Chirathivas have their origins in China. The current CEO's grandfather immigrated from China in the 1920s.

Tiang Chirativat started out modestly. He sold drinks and then opened a store selling books and magazines with his son. According to media reports, Tiang had three wives and 26 children. The family is said to consist of more than 200 people today.

Several family members work in the company. “You have a family council that ensures the separation of personal and business interests,” Paveda explains. She describes it as “family governance,” which also ensures that the right people are selected.

Luxury stores in Europe

The group has also been active in Europe for several years. The focus there is on traditional brands such as La Rinascente in Italy, KaDeWe in Germany, and Selfridges in Great Britain.

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Paveda Pananand is a professor of international business at Thammasat University in Bangkok.

SRF/Martin Aldrovandi

Professor Paveda explains that the investments provide potential for other businesses such as hotels and restaurants. The high value of properties in expensive locations is also of interest to the group. In addition, famous European department stores attract tourists from Asia.

“Targeted and long-term investments”

As we have seen in other countries, the “central group” is not inclined to make radical changes, Paveda says. The group also tends to stick with the current management. The group invests in a targeted and long-term manner. For Globus, this all looks positive at first. But she cannot comment on what a full takeover of the various Globus subsidiaries in Switzerland might mean specifically, Paveda says.

However, previous experiences have shown that the group focuses its major stores primarily on important cities.