Kretinsky’s ambitious plans have been backed up by a fevered acquisition spree that has accelerated since 2018, when the tycoon began to diversify his business away from energy.
This week, Fnac tabled a €249m (£210m) offer to buy Italy’s Unieuro in a deal that would create a major new player in consumer electronics and domestic appliances in Southern and Western Europe.
In the UK, too, Kretinsky has been on the prowl. The Telegraph has learned that EP Group explored a takeover bid for Currys but walked away after baulking at the price.
The consumer electronics group courted interest from China’s JD.com and received multiple offers from US private equity firm Elliott Advisors, but ultimately rebuffed the deal.
Meanwhile, it is understood that Kretinsky explored a potential investment in Marks & Spencer. One source said EP Group executives had started making clandestine trips to M&S stores following official visits to Sainsbury’s to compare the two retailers.
The takeover talks are no longer believed to be active and Kretinsky, who is also the second-largest shareholder in West Ham Football Club, is now focused on the takeover of Royal Mail.
Still, the manoeuvres highlight the scale of the tycoon’s ambitions as he attempts to consolidate his sprawling empire into a new powerhouse to take on Amazon. EP Group declined to comment.
It may not all be plain sailing. Paterson warns that there are disadvantages to combining retail and logistics operations amid rapidly developing technology and increased use of robotics.
“My sense is that working with a variety of different customers, rather than one group, can lead to faster and better innovation and adoption and from a cost perspective, retailers often benefit from going out to tender and changing suppliers,” he says.
De Mello is also sceptical about whether Kretinsky would seek to compete with Jeff Bezos’s “everything store”, suggesting that he could instead focus on a specific area such as consumer electronics.
“The replacement cycle is such now that people are starting to replace their TVs and laptops that they bought during Covid, so it’s definitely a good time to be looking to invest in audiovisual,” he says.
Nevertheless, Kretinsky’s voracious appetite for deals means he now presides over an enviable collection of e-commerce assets spanning the Continent, and his expansion plans show no signs of slowing down.
Once his takeover of Royal Mail is complete, the Czech sphinx will be poised to strike again.