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Tag: JAB

  • JAB Holding owners commit to Holocaust survivor program

    JAB Holding owners commit to Holocaust survivor program

    The owners of JAB Holding, the parent company of Pret-A-Manger and other retail brands, have announced a contribution to a foundation benefiting Holocaust survivors as the family takes steps to compensate for their ancestors’ treatment of Jews.

    JAB Holding also owns Green Mountain Coffee, Panera bread, Mighty Leaf Tea, Caribou Coffee, Jacobs Douwe Egberts, Einstein Bros Bagels and a 38-per-cent stake in cosmetics giant Coty, among other investments.

    In March, German newspaper Bild uncovered a significant historical connection between the wealthy Reimann family and the Nazis. The Reimann forebears were ardent anti-semites and strong supporters of Hitler, and used both Russian and French slaves in their factories.

    “It is all correct,” family spokesman Peter Harf, who is one of two managing partners of JAB Holdings, told Bild. “Reimann Senior and Reimann Junior were guilty. The two men have passed away, but they actually belonged in prison.”

    Julius Berman, president of the Conference on Jewish Material Claims Against Germany (Claims Conference), has announced a new emergency assistance fund for Holocaust survivors provided by the Reimann family and administered through their new humanitarian arm, the Alfred Landecker Foundation.

    The Reimann family established the foundation in honour of Alfred Landecker, who died at the hands of Germans when he was deported in 1942. Alfred Landecker’s fate is inextricably linked to the Reimann family: he was the father of Emilie Landecker, who had three children by Albert Reimann Jr.

    When the Reimann family appointed independent historian Dr Paul Erker, of the Ludwig Maximilian University of Munich, to research their political history and that of the Benckiser company, it was established that Albert Reimann Sr and his son Albert Reimann Jr, who ran Benckiser, the precursor company to JAB Holding Company, were outspoken in their anti-Semitism and ardent supporters of Adolf Hitler and the Nazi regime. It was also discovered that Benckiser factories used forced labor; by the spring of 1942, the Benckiser Ludwigshafen plant used around 200 civilians as forced laborers.

    “The funds being provided through the Alfred Landecker Foundation will make a significant difference in the lives of so many who deserve so much,” said Berman of the new partnership between the foundation and the Claims Conference. “Elderly, poor Holocaust survivors need food, medicine and heat in the winter. These funds will enable thousands of survivors to live in dignity.”

    Using existing infrastructure, the Claims Conference will absorb 100 percent of the administrative costs associated with management and distribution of the 5 million euros to ensure that the full amount of funding goes to Holocaust survivors. Funds will be disseminated to the Claims Conference over three years, starting next year with US$2.2 million (€2 million), another $2.2 million in 2021, and the final installment of $1.1 million (€1 million) in 2022.

    “We are delighted to partner with the world-respected Claims Conference to help realise our much-needed financial commitment to survivors of the Holocaust,” said Alfred Landecker Foundation chair David Kamenetzky.

    “This also marks a significant step for the Alfred Landecker Foundation and our ambition of researching and remembering the atrocities of the Holocaust, as well as providing humanitarian assistance for survivors of the Holocaust and former forced labor in World War II.”

    The Claims Conference will allocate nearly $610 million for social welfare next year, prioritizing the majority for homecare, and approximately $10.2 million for emergency assistance; a 25 percent increase over the prior year.

    This additional $2.2 million in financial resources will have a profound impact on programs and services in 34 countries. The money will help support programs across the Claims Conference’s existing global network of social welfare agencies, supporting items like food packages, medicine, transportation to doctor appointments and programs to alleviate social isolation for Holocaust survivors.

  • Pret-a-Manger owner JAB Holding in difficult position

    Pret-a-Manger owner JAB Holding in difficult position

    JAB Holding, the German owner of Krispy Kreme and Pret-a-Manger, has pledged to pay US$11.3 million to charity after the family-owned company’s ties to the Nazi party were revealed. The German newspaper uncovered a significant historical connection between the wealthy Reimann family and the Nazis. The Reimann forebears were ardent anti-semites and strong supporters of Hitler, and used both Russian and French slaves in their factories.

    JAB Holding recently divested the Jimmy Choo and Bally businesses to shift its focus from apparel to food. It also owns Green Mountain Coffee, Panera bread, Mighty Leaf Tea, Caribou Coffee, Jacobs Douwe Egberts, Einstein Bros Bagels and a 38-per-cent stake in cosmetics giant Coty, among other investments.

    According to the German newspaper report, back in the Hitler era, its factory workers were treated brutally, with female slaves forced to attend barracks checks naked – suffering beatings and sexual abuse as punishment for refusal.

    In a 1937 letter to SS leader Heinrich Himmler, Albert Reimann Jr – the father of the four Reimann family members who now own the businesses – wrote that his company was more than 100 years old, and that the owners at the time were unconditional followers of the race theory.

    “It is all correct,” family spokesman Peter Harf, who is one of two managing partners of JAB Holdings told. “Reimann Senior and Reimann Junior were guilty. The two men have passed away, but they actually belonged in prison.”

    The family has commissioned historian, Paul Erker of Munich University, to study its ties to the Nazi regime. Already four years in the making, more information will be released to the public when it is complete.

    The report was commissioned by the family because it wanted to better understand the extent of their past connection to the Nazi regime. They are currently the second richest family in Germany.

  • Pret A Manger sold to Krispy Kreme owner for £1.5bn

    Pret A Manger sold to Krispy Kreme owner for £1.5bn

    Pret A Manger’s global business, including Hong Kong and Singapore, has been sold to global investment firm JAB.

    Flush with cash from the sale of Jimmy Choo and a controlling interest in Bally, JAB is refocusing its core business investments on consumer goods and cafes. The company, majority owned by Germany’s secretive Reimann family – has controlling stakes in US coffee brand Keurig Green Mountain, European coffee supplier Jacobs Douwe Egberts, cafe chains Panera Bread, Peet’s Coffee & Tea, Caribou Coffee Company, US bagel chain Einstein Noah Restaurant Group, Krispy Kreme Doughnuts, and Espresso House, Scandinavia’s largest branded coffee shop chain. It also owns shares in makeup giant Coty and consumer goods company Reckitt Benckiser.

    UK-headquartered Pret A Manger, which has 530 stores globally, including 26 in Hong Kong, one in Singapore and two in Mainland China, serves 300,000 customers daily with global revenues of £879 million (US$1.166 billion).

    JAB will pay nearly $2 billion for the business (including taking over debt) to private equity investor Bridgepoint and an assortment of minority shareholders. According to BBC News, all 12,000 staff globally will receive a bonus of about US$1200. Bridgepoint bought the business in 2008, including a 33 per cent stake then held by fast-food operator McDonald’s Corporation, paying €500 million for the business, or US$584 million at today’s exchange rate.

    Pret A Manger CEO Clive Schlee described the sale announcement as “a day of celebration at Pret”.

    “This agreement recognises the hard work of all our amazing teams around the world. Bridgepoint has been a wonderful owner of the business for more than a decade. All of us at Pret believe JAB will be excellent long-term strategic owners.”

    He said JAB supported Pret’s growth plans, suggesting further expansion in Asia is on the cards as the company refines its offers in Singapore and China.

    “I am really looking forward to this next chapter of Pret’s story.”

    The deal follows a ninth successive year of like-for-like sales growth for Pret A Manger.

    “The brand continues to thrive around the world thanks to our simple recipe of freshly prepared food, served by genuinely engaged teams,” said Schlee.

    JAB partner and CEO Olivier Goudet said his company plans to continue Pret’s “extraordinary growth story”.

    “Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving consumer taste and lifestyle preferences. We look forward to working with Clive Schlee and his management team, while promoting the Pret brand and supporting Pret’s impressive culture for the next phase in the company’s growth with JAB.”

    Last year, Philippines fast-food operator Jollibee was linked to a bid for Pret A Manger at a value exceeding $1 billion and Bridgepoint was also reportedly considering an IPO for the business.

    It would appear from the published reactions of Pret A Manger management private ownership is a more comfortable fit with the business.

  • Shandong Ruyi acquired Swiss luxury brand Bally

    Shandong Ruyi acquired Swiss luxury brand Bally

    JAB Holding has sold its controlling stake in Swiss apparel and accessories label Bally to Chinese textile manufacturer Shandong Ruyi Group, as tipped last month.

    JAB, which once owned Belstaff and Jimmy Choo, was said to be seeking US$700 million for Bally in August. The brand was founded in 1851 as a shoemaker.

    “The arrival of Shandong Ruyi Group and its vision will significantly accelerate our growth in key segments and territories as we complete the turnaround of this iconic brand,” says Bally CEO Frederic de Narp.

    JAB says it will retain a minority holding in Bally, while the majority stake will be controlled by Shandong Ruyi Investment Holding. Under the terms of the agreement, Bally’s management team will reinvest alongside Shandong Ruyi.

    Transaction terms have not been disclosed and are subject to closing conditions and customary regulatory approvals.

    As majority shareholder, Shandong Ruyi plans to maintain Bally’s DNA and identity. Part of this plan includes keeping Bally’s headquarters and main factory in Switzerland.