Thai retailer Central Retail Corporation (CRC) has acquired Danish department store Illum.

Illum, a 122-year old department store in Copenhagen, is Central’s second acquisition in Europe after Italian luxury department store La Rinascente. The company said it will allocate 2 billion baht to reposition Illum as prestige department store, which will be closed for a long term for renovation.

“The acquisition of the Danish department store is in line with our business strategy, which will combine the heritage of Illum and enhance it to be a more prestigious brand,” said CRC CEO Tos Chirathivat.

The La Rinascente team will manage Illum, says CRC.

“The significant reinvention and growth over the last couple years of La Rinascente represents La Rinascente’s readiness in exporting its know-how of department store management, and its knowledge of the luxury brands market and the retail industry. All of these skills will be combined and used to enhance Illum, which is an attractive department store that has stood for over a century of history,” said La Rinascente CEO Alberto Baldan.

La Rinascente has 11 stores in Italy with the 12th store to be added in 2015.

CRC expects this year’s overall revenue to rise to 190 billion baht from 150 billion baht last year.