Ceconomy
{{Short description|German retail company}}
{{use dmy dates|date=June 2021}}
{{Infobox company
| name = Ceconomy AG
| logo = Ceconomy 2017 logo.svg
| image = Gebaeude Kaistrasse 3 in Duesseldorf-Hafen, von Sueden.jpg
| image_caption = Headquarters in Düsseldorf-Hafen
| type = Public
| traded_as = {{FWB|CEC}}
{{FWB|MEOD}} (ADR)
{{OTC Pink|type=current|MTAGF}}
{{OTC Pink|type=current|MTTRY}} (ADR)
SDAX component (CEC)
| ISIN = {{ISIN|sl=n|pl=y|DE0007257503}}
{{ISIN|sl=n|pl=y|US1500421094}}
| industry = Retail
| predecessor = Metro AG
| founded = {{start date and age|2017}} (original group was founded in 1996)
| founders =
| hq_location = Düsseldorf, Germany
| num_locations = 1,024
| num_locations_year = 2022
| area_served =
| key_people = {{unbulleted list|Karsten Wildberger
(CEO)|Kai-Ulrich Deissner
(CFO)}}
| products = Consumer electronics and related services
| services =
| revenue = €21.8 billion
| revenue_year = 2022
| operating_income =
| income_year =
| net_income =
| net_income_year =
| assets =
| assets_year =
| equity =
| equity_year =
| num_employees = 50,000
| num_employees_year = 2022
| website = {{official URL}}
| footnotes =
}}
Ceconomy AG is an international retail company headquartered in Düsseldorf, Germany. Its history goes back to the Metro Group.{{Citation|url=https://www.manager-magazin.de/unternehmen/handel/metro-gelingt-aufspaltung-a-1157469.html|title=Geschafft: Metro gelingt Aufspaltung. Zwei neue Multimilliarden-Konzerne.|website=Manager Magazin|date=2017-07-13|access-date=2021-04-10|language=de}} Ceconomy operates more than 1,000 consumer electronics stores in eleven countries. In addition to MediaMarkt and Saturn, the group owns Deutsche Technikberatung. Approximately 24 % of its sales are generated online.{{Citation|url=https://www.ceconomy.de/media/ceconomy_trading_statement_q4_fy_2020_21.pdf|title=Trading Statement Q4/FY 2020/21|publisher=Ceconomy|date=2021-10-26|access-date=2021-10-26|language=en}}
History
In March 2016, Metro announced a comprehensive reorganization of its business units. Wholesale and food retailing were to be continued separately from the consumer electronics centers.{{Citation|first1=Florian|last1=Kolf|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/metro-vor-der-aufspaltung-das-grosse-aufraeumen/13583144.html|title=Das große Aufräumen. Metro vor der Aufspaltung.|website=Handelsblatt|date=2016-05-12|access-date=2021-04-10|language=de}} For Cash & Carry and Real, the company wanted to retain the "Metro" name. MediaMarkt and Saturn were henceforth to be managed under the umbrella of "Ceconomy".{{Citation|url=https://www.spiegel.de/wirtschaft/unternehmen/saturn-media-markt-metro-spaltet-elektro-maerkte-in-neue-tochter-ceconomy-ab-a-1125996.html|title=Ceconomy: Metro gliedert MediaMarkt und Saturn aus.|website=Der Spiegel|date=2016-12-15|access-date=2021-04-10|language=de}} The reorganization was completed in July 2017.{{Citation|url=https://rp-online.de/wirtschaft/unternehmen/boersenstart-am-donnerstag-die-metro-aufspaltung-ist-vollzogen_aid-19471255|title=Die Metro-Aufspaltung ist vollzogen. Börsenstart am Donnerstag.|website=Rheinische Post|date=2017-07-12|access-date=2021-04-10|language=de}} Since then, Ceconomy and Metro have functioned as independent sister companies.{{Citation|first1=Florian|last1=Kolf|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/metro-aufspaltung-welcher-zwilling-ist-der-bessere/20050870.html|title=Metro-Aufspaltung: Welcher Zwilling ist der Bessere?|website=Handelsblatt|date=2017-07-12|access-date=2021-04-10|language=de}} Both entities maintained their listing on the stock exchange.{{Citation|url=https://www.wiwo.de/finanzen/boerse/metro-was-die-aufspaltung-fuer-aktionaere-bedeutet/20056512.html|title=Metro: Was die Aufspaltung für Aktionäre bedeutet.|website=WirtschaftsWoche|date=2017-07-13|access-date=2021-04-10|language=de}}
Ceconomy started as a leading European electronics retailer.{{Citation|first1=Annette|last1=Becker|title=1 + 1 < 2|newspaper=Börsen-Zeitung|date=2017-07-15|page=9|language=de}} To build on this position, the company focused on diversifying and internationalizing its activities. Examples include the acquisition of a majority stake in Deutsche Technikberatung and a minority stake in French electronics retailer Fnac Darty.{{Citation|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/metro-nachfolgerin-ceconomy-baut-dienstleistungsgeschaeft-aus/19483492.html|title=Metro-Nachfolgerin: Ceconomy baut Dienstleistungsgeschäft aus.|website=Handelsblatt|date=2017-03-07|access-date=2021-04-10|language=de}}
In response to increased competition in retail, Ceconomy developed closer cooperation with Fnac Darty and M.video,{{Citation|first1=Mirjam|last1=Hecking|url=https://www.manager-magazin.de/unternehmen/handel/media-saturn-und-fnac-darty-machen-gemeinsame-sache-a-1208040.html|title=Strategische Allianz gegen Amazon und Chinesen: Wie Deutschlands größter Elektronikhändler Amazon und Alibaba Paroli bieten will.|website=Manager Magazin|date=2018-05-16|access-date=2021-04-10|language=de}} but did not realize those plans.{{Citation|url=https://www.cetoday.ch/news/2019-01-15/initiativen-statt-allianzen-media-saturn-legt-plaene-fuer-allianz-mit-fnac-darty|title=Initiativen statt Allianzen: Media-Saturn legt Pläne für Allianz mit Fnac Darty auf Eis.|website=CEtoday|date=2019-01-15|access-date=2021-04-10|language=de}} The Fnac Darty affiliation caused conflict with MediaMarkt co-founder Erich Kellerhals.{{Citation|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/anzeige-gegen-ceconomy-kellerhals-sorgt-wieder-fuer-aerger/20263876.html|title=Anzeige gegen Ceconomy: Kellerhals sorgt wieder für Ärger.|website=Handelsblatt|date=2017-08-31|access-date=2021-04-10|language=de}} There was a controversy between Ceconomy and Convergenta over the company's strategy and board appointments,{{Citation|first1=Florian|last1=Kolf|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/vor-hauptversammlung-streit-ueber-besetzung-des-ceconomy-aufsichtsrats-eskaliert/25453286.html|title=Vor Hauptversammlung: Streit über Besetzung des Ceconomy-Aufsichtsrats eskaliert.|website=Handelsblatt|date=2020-01-20|access-date=2021-04-10|language=de}} which ended in 2020.{{Citation|first1=Annette|last1=Becker|url=https://www.boersen-zeitung.de/ceconomy-beendet-gesellschafterstreit-e03874a2-cf4f-11eb-a739-6b4c0019618e|title=Ceconomy beendet Gesellschafterstreit|website=Börsen-Zeitung|date=2021-06-17|access-date=2021-06-18|language=de}}
The MediaMarkt Tech Villiage Hamburg store is the largest contiguous electronics store in Europe, covering an area of 15,000 square meters over 5 floors.{{Cite web |title=Größte Technik-Erlebniswelt Europas: MediaMarktSaturn eröffnet „Tech Village Hamburg“ in der Mönckebergstraße {{!}} MediaMarktSaturn |url=https://www.mediamarktsaturn.com/de/news-presse/pressemitteilungen/groesste-technik-erlebniswelt-europas-mediamarktsaturn-eroeffnet |access-date=2024-12-24 |website=www.mediamarktsaturn.com}}
Corporate affairs
The key trends of Ceconomy are (as at the financial year ending September 30):{{Cite web |title=Ceconomy St Fundamentalanalyse {{!}} KGV {{!}} Kennzahlen |url=https://www.boerse.de/fundamental-analyse/Ceconomy-St-Aktie/DE0007257503 |access-date=2024-04-09 |website=boerse.de |language=de}}
| class="wikitable float-left" style="text-align: center;"
!Year !Revenue (€ bn) !Net income (€ m) !Employees |
| 2017
|22.1 |1,102 |68,804 |
| 2018
|21.4 |–212 |61,962 |
| 2019
|21.4 |122 |59,421 |
| 2020
|20.8 |–232 |57,739 |
| 2021
|21.3 |232 |54,966 |
| 2022
|21.7 |126 |53,889 |
| 2023
|22.2 |–39 |52,547 |
| 2024
|22.4 |76 |50,918 |
Operations
Ceconomy is a stock corporation under German law with its registered office in Düsseldorf. Its shares are traded on the Prime Standard of Deutsche Börse. Ceconomy was part of the MDAX from 2017 to September 2018 and has since been part of the SDAX.{{Citation|url=https://www.handelsblatt.com/finanzen/maerkte/aktien/aktienindizes-so-sehen-mdax-sdax-und-tecdax-kuenftig-aus/23002476.html|title=So sehen MDax, SDax und TecDax künftig aus.|website=Handelsblatt|date=2018-09-06|access-date=2021-04-10|language=de}} The largest shareholders include the investment holding company Haniel, the Meridian Foundation, the telecommunications company Freenet, and the Beisheim family; there are other institutional investors such as pension funds.
The current executive board consists of Karsten Wildberger (CEO) and Kai-Ulrich Deissner(CFO).{{Citation|first1=Jürgen|last1=Flauger|first2=Alexander|last2=Möthe|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/handel-eon-vorstand-karsten-wildberger-wird-ceconomy-ceo/27178190.html|title=E.ON-Vorstand Karsten Wildberger wird Ceconomy-CEO.|website=Handelsblatt|date=2021-05-10|access-date=2021-06-09|language=de}}{{Citation|language=de|title=Ceconomy: Muttergesellschaft von Media-Saturn bekommt neuen Finanzchef.|website=Lebensmittel Zeitung|date=2021-04-20|access-date=2021-04-21|url=https://www.lebensmittelzeitung.net/handel/personalien/Media-Saturn-Mutter-Florian-Wieser-wird-Finanzvorstand-von-Ceconomy-152026?crefresh=1|first1=Jessica|last1=Becker}} The supervisory board is headed by Thomas Dannenfeldt.
Businesses
The core of Ceconomy's business activities is the sale of consumer electronics and the installation and repair of related products. The subsidiaries operate largely independently. Ceconomy is increasingly focusing on linking its stores with online retailing. The omnichannel strategy is seen as the most important building block for further development of the Ceconomy group.{{Citation|first1=Florian|last1=Kolf|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/elektronikhaendler-ceconomy-chef-wirbt-mit-neuer-strategie-fuer-seine-vertragsverlaengerung/26092304.html|title=Elektronikhändler: Ceconomy-Chef wird mit neuer Strategie für seine Vertragsverlängerung.|website=Handelsblatt|date=2020-08-13|access-date=2021-04-10|language=de}}{{Citation|first1=Joachim|last1=Hofer|url=https://www.handelsblatt.com/unternehmen/handel-konsumgueter/coronakrise-media-saturn-mutter-ceconomy-plant-deutlichen-stellenabbau/26068358.html|title=Coronakrise: Media-Saturn-Mutter Ceconomy plant deutlichen Stellenabbau.|website=Handelsblatt|date=2020-08-05|access-date=2021-04-10|language=de}}
Media-Saturn-Holding (or MediaMarktSaturn Retail Group), headquartered in Ingolstadt, bundles business under the MediaMarkt and Saturn brands. The formerly independent retail chains have been affiliated under company law since 1990.{{Citation|title=Der Elektro-Schocker. Der Media Markt ist nicht blöd: Mit platten Sprüchen und brachialen Kampfpreisen drängt er die Konkurrenz an die Wand. In Deutschland öffnete jetzt die 200. Filiale. Aber Vorsicht: Lassen Sie sich nicht verarschen.|newspaper=Stern|date=2005-06-02|language=de}} The first MediaMarkt store opened in Munich in 1979,{{Citation|title=Der Media-Mann: Leopold Stiefel hat unter dem Metro-Dach den größten und erfolgreichsten Elektrofachhändler Europas aufgebaut.|newspaper=WirtschaftsWoche|date=2001-03-29|page=78|language=de}} the first Saturn store in 1961 on Cologne's Hansaring.{{Citation|first1=Christian|last1=Bos|title=Der "Mann vom Saturn" hört auf. Das HiFi-Geschäft belieferte anfangs Diplomaten in aller Welt.|newspaper=Kölner Stadt-Anzeiger|date=2002-04-22|language=de}}
Deutsche Technikberatung (DTB for short), headquartered in Hürth, Germany, is a service company that supports customers with questions about consumer electronics. This includes not only the installation and configuration of devices but also pre-purchase advice. The technicians work either on-site or via remote maintenance.{{Citation|first1=Axel|last1=Kannenberg|url=https://www.heise.de/newsticker/meldung/Media-Markt-und-Saturn-Kunden-koennen-sich-bald-Zuhause-beraten-lassen-3726403.html|title=Media Markt und Saturn: Kunden können sich bald Zuhause beraten lassen.|website=Heise Online|date=2017-05-26|access-date=2021-04-10|language=de}}
Notes and references
{{Reflist}}
External links
- [https://www.ceconomy.de/en/ Official website]
{{Major retail companies}}
{{SDAX companies}}
{{Authority control}}
Category:Retail companies established in 2017
Category:Companies based in Düsseldorf
Category:Consumer electronics retailers of Germany