Kretinsky Consolidates Influence as Fnac Darty Charts European Course with New Strategic Plan

PARIS, 26 January 2026 – The French retail landscape continues to be reshaped by the strategic investments of Czech billionaire Daniel Kretinsky. Through his holding company Vesa Equity Investment, Kretinsky has steadily increased his stake in Fnac Darty, becoming its largest shareholder and a pivotal force behind the group’s recent European expansion, including the acquisition of Italian leader Unieuro. As the retailer unveils its ambitious “Beyond everyday” 2030 plan, the interplay between its major shareholders – Kretinsky, German group Ceconomy, and potential new entrant JD.com – defines a new chapter for the omnichannel specialist.

The Rise of a Dominant Shareholder

Daniel Kretinsky’s entry into Fnac Darty’s capital was rapid and decisive. Beginning with a 5.04% stake acquired in February 2023 via Vesa Equity Investment, his holding grew to over 13% by April 2023 and crossed the 15% threshold in May of that year. By March 2023, he had surpassed German electronics distributor Ceconomy to become the largest single shareholder, with a stake exceeding 25%. Regulatory filings from the French Financial Markets Authority (AMF) showed his holding reached 29.9% by the end of December 2023, just below the 30% threshold that would trigger a mandatory takeover bid. Throughout this period, Kretinsky has consistently stated he has no intention of taking control of the company or seeking board representation in the short term.

European Expansion: The Unieuro Acquisition

A key strategic move executed with Kretinsky’s support was Fnac Darty’s successful takeover of Italian electronics retailer Unieuro. Launched in September 2024, the public offer valued Unieuro at approximately €249 million. The operation was conducted through a joint investment vehicle, 51% owned by Fnac Darty and 49% by Kretinsky’s Ruby Equity Investment. By late October 2024, the acquirers had secured over 90% of Unieuro’s capital, leading to its delisting from the Milan stock exchange. This acquisition, which added Unieuro’s 500 stores, €2.6 billion in annual revenue, and 5,000 employees, was framed by CEO Enrique Martinez as a return to the Italian market for Fnac and a major step in building a European leader in specialised retail.

Beyond Everyday: A New Strategic Horizon

In June 2025, Fnac Darty unveiled its “Beyond everyday” strategic plan for the 2025-2030 period. Building on the previous “Everyday” plan, the new strategy aims to consolidate the group’s omnichannel and service-based model on a European scale. Central pillars include becoming the benchmark for high-value-added products and subscription services (targeting 4 million subscribers by 2030), setting new standards for customer experience, and monetising the group’s logistics and marketplace expertise for third-party partners. Financial targets include achieving an operating margin of over 3% by 2030 and generating cumulative operational free cash flow of more than €1.2 billion for the period.

Shareholder Landscape and External Interest

Frequently Asked Questions

Does Daniel Kretinsky want to take control of Fnac Darty?

According to repeated declarations to the French market regulator (AMF), Kretinsky has stated he does not intend to take control of Fnac Darty or seek board representation in the short term. His investment, while significant, is described as financial and supportive of management’s strategy.

What is the significance of the Unieuro acquisition?

The acquisition of Unieuro marked Fnac Darty’s successful return to the Italian market and significantly expanded its European footprint. It made Italy the group’s second-largest market and created a leader in Southern Europe, with combined annual sales exceeding €10.5 billion.

Could JD.com’s potential entry change the shareholder dynamic?

Should JD.com’s reported €2.2 billion bid for Ceconomy be approved by German and French authorities, the Chinese e-commerce giant would become a major indirect shareholder in Fnac Darty. This would introduce a new strategic player alongside Kretinsky, potentially influencing the group’s future in the context of European retail consolidation and digital competition.