COMPANY COMMENT
Steinhoff has silenced critics of Europe step
Celebrating its first anniversary in Europe, retailer Steinhoff has certainly done what it set out to do
The move made sense to the company’s management team as Steinhoff derived just more than 60% of its revenue from Europe and the UK. The group’s CEO, Markus Jooste, said at the time the move would raise Steinhoff’s international profile. The listing would enhance its ability to gain access to global markets that would further support the expansion of its European operations and growth opportunities available in international markets, he said. Now celebrating its first anniversary in Europe, the retailer has certainly done what it set out to do. It has made big moves in the UK, Australia and in the US. The company paid top dollar for these international assets, with the biggest being Poundland and Mattress Firm. The market, which initially was rightly sceptical about whether Steinhoff had bitten off more than it could chew with all these businesses coming in at the same time, has largely changed its mind in support of Steinhoff’s efforts. As one analyst said, Steinhoff "is now really ...
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