“The Coal Emperor” has not finished his conquests. Czech billionaire Daniel Kretinsky, who made his fortune in fossil fuels with his EPH group (Energeticky a Prumyslovy Holding), is now in the best position to take over the French distributor Casino. He was so far in competition with the trio formed by Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari. But after their withdrawal on Sunday July 16, the tandem of Daniel Kretinsky and financier Marc Ladreit de Lacharrière remains alone in the race.
The 48-year-old Czech billionaire is not at his first attempt. He is very interested in mass distribution, while continuing to invest in other areas. It now holds stakes in energy (with EPH), media (Marianne, Elle, Télé 7 jours, Usbek & Rica…), but also publishing (Editis, thanks to an agreement concluded in June). His strategy? Target sectors or companies in difficulty to continue to extend its influence. And for the moment, it is a recipe: Daniel Kretinsky’s fortune amounts to 9.7 billion dollars (about 8.6 billion euros), according to the magazine Forbes. Between Casino, Fnac-Darty and FootLocker, L’Express gives an overview of its investments in distribution.
Casino
Ten days before the capital deadline for Casino, Daniel Kretinsky seems close to taking over the sign. His offer, in partnership with the French financier Marc Ladreit de Lacharrière, is now the only valid one after the withdrawal of the trio formed by Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari. The Casino group is currently controlled by its historic boss, Jean-Charles Nouari.
Daniel Kretinsky entered the capital of Casino in 2019, taking 4.63% of the shares. The sign was already crippled with debts. But the Czech billionaire believed at the time that it was “the best positioned on the French market and one of the European leaders best able to respond to the profound transformations of the sector”. His company Vesa Equity Investment (VEI) now holds 10% of the capital, making it the third largest shareholder. For its part, Casino has until July 27 to find an agreement in principle with its creditors on its debt, while the latter was valued at 6.4 billion euros at the end of 2022.
Fnac-Darty
Daniel Kretinsky’s company, Vesa Equity Investment, also increased its stake in the Fnac Darty group to 25% in March 2023. Already present in the capital since 2022, it has thus become the main shareholder of the group specializing in cultural goods and household appliances. . The billionaire “plans to continue” his rise in the capital of the distributor but “does not intend” to take control of Fnac Darty over the next six months, said the Autorité des marchés financiers.
The Fnac Darty group fell into the red in 2022, with a net loss of 32 million euros. This is attributed to a court decision in the United Kingdom concerning the sale in 2012 of the company Comet (electronic devices), a former subsidiary of Darty. Mainly present in France, Fnac Darty has a network of nearly 1,000 stores. The group is also established in Spain, Portugal, Belgium, Switzerland, Luxembourg, Tunisia, Qatar, Ivory Coast, Cameroon, Congo and Senegal.
Foot Locker
Also thanks to his company Vesa Equity Investment, Daniel Kretinsky is the main shareholder of Foot Locker. This American company specializes in the sale of shoes and sportswear. The Czech businessman holds about 12% of its capital, but the group continues to be in difficulty. Nearly 400 Foot Locker stores are expected to close by 2026. A drop in total sales of 3.5-5.5% is also expected in 2023, reports CNN.
Metro
Daniel Kretinsky is also the majority shareholder of Metro, one of the heavyweights of German distribution, since he holds between 40 and 50% of its capital. Created in the 1960s, Metro was for a time weakened by competition from Aldi and Lidl. The group now declares itself on the right track. It has continued to increase sales and reduce losses in recent quarters.
Mall Group
Daniel Kretinsky holds approximately 40% of the capital of Mall Group, a major e-commerce player in the Czech Republic.
Royal Mail
Through Vesa Equity Investment, Daniel Kretinsky holds shares in the British group Royal Mail, the British equivalent of La Poste. A former public service, Royal Mail is now totally private. The Czech billionaire is the largest shareholder with around 20% of the capital in February 2022, according to the agency Bloomberg.
Royal Mail is still in the red. It recorded a loss of £1bn in 2022, which it attributes to strikes and the continued decline in its business. More than 115,000 postal workers staged an 18-day strike between September and December to demand better pay and better working conditions.
Post NL
Besides Royal Mail, Daniel Kretinsky is also the main shareholder of Post NL, the equivalent of La Poste in the Netherlands. His share is not known. Post NL’s first-quarter 2023 revenue was over €700 million, down 3% on its annual basis. The amount of packages handled has also dropped. But its leaders say they are satisfied, citing figures beyond their expectations.
Sainsbury’s
A time in the capital of Macy’s, Daniel Kretinsky is now out. But he still owns shares in the British supermarket network Sainsbury’s. It entered the capital in 2020 with a 3% stake, now increased to almost 10%. He is thus the group’s second largest shareholder.
Sainsbury’s net profit is down. However, the group anticipates a result that exceeds expectations for the coming year. It currently represents 15% of the British food market, behind Tesco.