The Enigmatic Dieter Berninghaus: Former Migros Executive and Associate of René Benko

In 2020, Dieter Berninghaus and René Benko acquired Globus, aiming to form a luxury department store group. However, by late 2024, Signa Holding declared bankruptcy, revealing tensions between the two executives. Berninghaus, previously Benko’s chief retail strategist, expressed shock over the unfolding events, having stepped back due to health issues. A polarizing figure, Berninghaus has a significant retail background, including roles at Migros and Rewe, but faced scrutiny over potential conflicts of interest during his tenure.

In February 2020, Dieter Berninghaus reached a significant career milestone when he partnered with René Benko to acquire Globus. This venture was aimed at integrating Swiss department stores into Benko’s Signa group, which focuses on real estate and retail, creating one of Europe’s largest luxury department store conglomerates.

Berninghaus, previously a leader at Migros, and the Austrian entrepreneur Benko appeared to form a harmonious business relationship. Benko noted in a 2020 interview with “Bilanz” that their focus differed; he dedicated 70% of his time to retail operations, while Berninghaus balanced his time more towards Signa’s real estate ventures.

However, by November 2023, this partnership faced turmoil as Signa Holding declared bankruptcy. Recent reports from Austrian media suggested that Benko had even gone so far as to monitor Berninghaus after their relationship soured.

Surprising Shifts in Leadership

Surprising Shifts in Leadership

Berninghaus, a charismatic and polarizing figure in the business world, holds both German and Swiss citizenship. His credentials include teaching roles at respected institutions such as the University of St. Gallen and serving on the advisory board at the University of Zurich’s Institute of Economics.

Colleagues and acquaintances describe him as a skilled communicator and insightful dealmaker, known for his understanding of the retail landscape. Some view him as a motivating force for his teams, often delivering fast-paced presentations peppered with English phrases. However, many believe he was less engaged with the detailed financial aspects of operations, a claim he declined to address.

Berninghaus began his retail career at Metro and later moved to Rewe, where he became CEO in 2004 at the age of 38. During his tenure, he negotiated a significant joint venture with Rewe to enter the Russian market, an achievement observed by prominent leaders like Gerhard Schröder and Vladimir Putin.

Shortly after, he transitioned to Switzerland, collaborating with Philippe Gaydoul, then head of Denner, who recognized Berninghaus’s international retail experience as valuable amid competition from German discounters Aldi and Lidl. This partnership ultimately led to Berninghaus’s appointment to Denner’s Board of Directors. Following this, he played a crucial role in facilitating Denner’s sale to Migros.

Contributions to Digitec Galaxus

Contributions to Digitec Galaxus

In early 2008, Berninghaus assumed leadership of the Retail department of Migros, consolidating various retail brands, including Denner, Globus, Interio, Ex Libris, and the online marketplace Le Shop. His era at Migros was marked by pivotal decisions, such as securing a majority stake in Digitec Galaxus, now Switzerland’s largest online retailer, and championing the growth of Migrolino, expanding petrol station store offerings despite initial pushback from regional cooperatives.

Not all of Berninghaus’s initiatives were successful. His investment in the Depot furniture chain, acquired from Gries Deco Holding, turned out to be a significant setback. Berninghaus had anticipated creating synergies with struggling Interio, but these never materialized. The rapid expansion of Depot led to oversaturation in the market, forcing Migros to sell Depot back to Gries in 2019, resulting in a drastic financial loss.

Controversial Consulting Roles

Controversial Consulting Roles

By March 2016, Berninghaus departed Migros to pursue opportunities as an entrepreneur and investor. His connections with Nicolas Berggruen in the German finance sector paved the way for his collaboration with Benko. Initially taking on consultancy roles, Berninghaus became integral in developing Signa’s retail operations and made substantial investments in the company.

His association with Benko, however, raised eyebrows, particularly given that he had advised Signa while still under Migros’s employment. Reports indicated that this sideline activity had not been disclosed to Migros’s management, leading to external investigations, which found no misconduct but highlighted the need for better transparency regarding secondary employment.

Opinions on Berninghaus’s impact at Migros remain divided. While he is credited with modernizing the organization, some say he neglected the management of acquired businesses. His close ties to Benko and involvement in the Karstadt acquisition raised concerns about conflicts of interest within Migros.

Following Berninghaus’s exit from Signa in May 2023, the partnership with Benko unraveled entirely. Escalating distrust had preceded the

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