Karstadt drops plans to buy online pharmacy
German retailer walks away over price
KarstadtQuelle has ended negotiations to take a stake in Dutch-based internet pharmacy business Doc Morris.
German newspaper Handelsblatt said KarstadtQuelle, Germany’s biggest department store and mail order operator, had been in talks but run into disagreements over the value of the Doc Morris business.
A KarstadtQuelle spokesman later tolds news agency Reuters the price being asked was too high.
Doc Morris sells prescription and over the counter pharmacy products to customers throughout Europe. The online operator is jointly owned by private equity firm 3i, which this week sold its stake in UK retailer Early Learning Centre to entrepreneur Tim Waterstone, and German company Technonord.
The newspaper said price estimates for Doc Morris ranged from €30m to as much as €80m.
Online pharmacy sales, already successful in the US, are seen as having strong growth potential in Europe, particularly when this year’s expansion of European Union opens up the market to millions more consumers.
