Daniel Křetínský: A Long-Term Contrarian Investor Across Sectors
- admin1351600
- May 14
- 21 min read
Introduction
Daniel Křetínský is a Czech billionaire investor renowned for his methodical, long-term approach to value investing across diverse industries. At age 49, he built a sprawling European business empire spanning energy, retail, media, logistics, and even sports. Křetínský serves as chief executive and 94% owner of Energetický a průmyslový holding (EPH), one of Europe’s largest energy groups. He has amassed major stakes in companies ranging from French supermarkets and German wholesalers to British postal services and Czech media outlets. His reputation as a contrarian investor stems from a consistent strategy: acquiring distressed or undervalued assets in out-of-favor sectors and patiently nurturing them for long-term value creation. Often dubbed the “Czech sphinx” for his inscrutable style, Křetínský has demonstrated disciplined patience in sectors where others see decline, betting that fundamental value will endure or recover over time. In his own words, “We want to make money in industries that are dying because we think they’ll die much more slowly than the general consensus says”.
Energy Investments: EPH and Cash-Flow Assets
Křetínský’s rise began in the energy sector. In 2009, he co-founded EPH in partnership with the J&T financial group, became its majority owner with a 94% stake by 2016, and chairman—though today he retains only a 50% share, after selling part of his stake in 2022 to partner and EPH board member Patrik Tkáč. Over the past decade, Křetínský used EPH to acquire distressed and undervalued energy assets across Europe – particularly coal-fired power plants, gas infrastructure, and other unloved utilities being shed by traditional operators under environmental or regulatory pressure. This contrarian acquisition spree transformed EPH into one of Europe’s largest energy conglomerates. Notably, EPH focused on cash-flow-generating infrastructure: for example, it bought stakes in gas transmission pipelines and fossil-fuel power stations that, despite long-term decline trends, still produced steady earnings. One such asset is the Slovak gas pipeline Eustream (49% owned by EPH), which had a long-term transit contract with Gazprom. This single pipeline yielded approximately €1.56 billion in dividends to owners from 2016 to 2023, with EPH’s share around €750 million – a testament to Křetínský’s focus on assets with strong cash yields.
This strategy proved financially astute. EPH’s energy portfolio has generated robust profits that fuel Křetínský’s other investments. In 2023, the energy businesses under EPH’s parent reported a combined EBITDA of €7.3 billion, reflecting windfall gains amid Europe’s energy crisis and the enduring value of its infrastructure holdings. Křetínský deliberately acquired plants and networks at moments of distress – for instance, picking up coal power stations in Germany, Italy, and the UK when utilities were eager to exit. By running these assets efficiently and anticipating that the energy transition would play out over decades rather than overnight, EPH has been able to extract substantial value. Křetínský’s contrarian confidence in “dying” industries is evident here: he maintained that coal and gas assets would decline “much more slowly” than most expected, and indeed EPH’s continued cash generation has vindicated that view. Today, EPH stands as a major European energy holding with diversified infrastructure – a cash cow underpinning Křetínský’s investment war chest.
Financially, EPH’s performance enabled Křetínský to reinvest in new ventures. The holding’s stable cash flows and conservative balance sheet (Křetínský often avoids excessive leverage, reinvesting profits instead) gave him the flexibility to pursue contrarian bets elsewhere. In essence, EPH’s success – built on buying undervalued energy infrastructure and operating it for yield – is the blueprint of Křetínský’s long-term value strategy. It exemplifies how he turns contrarian acquisitions into reliable profit engines, even in sectors many consider stranded or in terminal decline.
Strategic Investments in Retail, Industry, Logistics and Media
After establishing his energy base, Křetínský methodically diversified into retail, media, and logistics, building significant stakes in a range of European companies. His expansion across these sectors has been marked by opportunistic timing (often during downturns or when assets were out of favor), a focus on strategic control or influence, and an eye for potential synergies among his holdings.
Retail – Supermarkets and Consumer Goods:
Křetínský has acquired substantial positions in several major retail groups, especially those facing temporary challenges or structural market pessimism. In France, he targeted the debt-laden Groupe Casino, a prominent supermarket chain. Starting with a modest stake (4.63% in September 2019), Křetínský steadily increased his involvement as Casino’s troubles mounted. By 2023, Casino was on the verge of default due to heavy debts and eroding market share. Křetínský led a consortium (through his EP Global Commerce vehicle) that put forward a bailout plan injecting €1.2 billion of new capital and restructuring €6.1 billion of Casino’s debt. In February 2024, a Paris court approved this rescue deal, which massively diluted existing shareholders and ended the 30-year reign of Casino’s prior owner, Jean-Charles Naouri. As a result, Křetínský’s consortium will own and control 53.7% of Casino’s share capital. This turnaround plan, which installs a new management team and refocuses Casino on its profitable urban banners (Monoprix and Franprix), exemplifies Křetínský’s long-term vision: he is willing to take majority control – and considerable risk – to revive a fundamentally strong retailer whose value was crippled by debt. The deal value implies a major commitment (Casino’s equity and debt injection totaling over €7 billion in impact), underlining Křetínský’s confidence in the chain’s core assets and brands.
Similarly, in Germany, Křetínský became the largest shareholder of Metro AG, a leading cash-and-carry wholesale retailer. Through EP Global Commerce (a joint investment vehicle owned 53% by Křetínský and 47% by his long-time partner Patrik Tkáč, he first bought into Metro in 2018 by acquiring shares from the Haniel family and others. After a failed takeover attempt in 2019, EP Global Commerce gradually raised its stake. By early 2025, Křetínský held 49.99% of Metro’s voting rights and entered an agreement to delist and take the company private. An offer was launched to buy out remaining shareholders at €5.33 per share, paving the way for Metro to exit the stock market and be restructured under Křetínský’s oversight. Křetínský’s logic in Metro and Casino is similar: he accumulated positions when these retailers’ stock prices were depressed (due to competitive pressures, e-commerce threats, or in Casino’s case debt), and positioned himself as a long-term “white knight” investor who could stabilize the business. By taking control (or large influence), he aims to unlock value through restructuring and strategic focus, leveraging his patient capital.
Retail – Consumer Electronics:
Another major retail bet is Fnac Darty, the French electronics and book retail chain. Křetínský’s vehicle Vesa Equity Investment started buying Fnac Darty shares in February 2022 at a time the retailer faced intense competition from e-commerce and questions about the future of brick-and-mortar media stores. By March 2023, Křetínský had increased his stake to 25.03%, becoming Fnac Darty’s single largest shareholder. Vesa bought additional shares from the market (and reportedly was ready to acquire the 24% stake held by rival investor Ceconomy) to surpass the 20% threshold. As of November 2024, Křetínský’s stake in Fnac Darty had risen over 30% of voting rights (30.3%), solidifying his control alongside Ceconomy’s remaining 21,9%.
Under his influence, Fnac Darty has pursued expansion opportunities – notably a joint acquisition of Italian electronics retailer Unieuro. In late 2024, Fnac (together with Křetínský’s Ruby Equity fund) took over 96.7% of Unieuro’s shares and prepared to integrate it, creating a pan-European electronics retailer with over €10 billion in revenue. Křetínský’s investment rationale here is to consolidate the sector and capitalize on Fnac’s strong brand and omnichannel strategy, even as the market doubts the future of physical retail. By backing Fnac’s expansion and possibly fostering synergies with his other retail holdings (for instance, exploring partnerships between Fnac and Casino’s stores or leveraging shared logistics), he is executing a long-term vision of a diversified retail empire. Indeed, Křetínský has not shied away from other retail plays: he quietly acquired stakes in UK grocery chain J Sainsbury (10.9% via Vesa) and U.S. retailer Foot Locker (10.56% of voting rights) during downturns, underscoring his pattern of scooping up undervalued retail assets internationally.
Industry
In April 2024, Czech billionaire Daniel Křetínský, through his investment vehicle EP Corporate Group (EPCG), acquired a 20% stake in Thyssenkrupp Steel Europe (TKSE), the largest steel producer in Germany and one of the most critical industrial players in the European market. The deal was finalized in August 2024, following months of negotiations with the parent company Thyssenkrupp AG, which had long sought a partner to help offload the structurally challenged steel division. TKSE employs around 27,000 workers, primarily in the Ruhr region, and produced 11.5 million tonnes of steel annually as of 2023. However, the division has been under severe margin pressure due to global overcapacity, volatile energy prices, and the rising cost of decarbonization. While financial terms were not disclosed, the agreement includes a strategic option for EPCG to increase its stake up to 50%, potentially leading to a full joint venture. The move aligns with Křetínský’s well-established investment philosophy: acquiring large, capital-intensive legacy assets—often viewed as liabilities by their owners—at moments of transformation or undervaluation. In return, he typically offers long-term capital, operational credibility, and access to industrial synergies. In this case, EPCG brings energy and infrastructure expertise to the table: it is expected to support TKSE’s €2.5 billion “tkH2Steel” program, which aims to replace traditional blast furnaces with hydrogen-based direct reduction units, enabling the company to produce up to 3 million tonnes of “green steel” annually by 2030, while reducing CO₂ emissions by up to 3.5 million tonnes per year. In parallel, TKSE has announced a restructuring plan involving the elimination of 11,000 jobs by 2030 and a gradual downsizing of production capacity to around 9 million tonnes, reflecting both market realities and the shift toward more sustainable, high-value-added steel. Křetínský’s involvement thus serves multiple roles: investor, industrial partner, and transition facilitator. Far from a passive shareholder, he is expected to play a central role in reshaping the company’s strategy—particularly by leveraging EPCG’s energy assets to stabilize the cost and supply of hydrogen and electricity required for low-carbon steelmaking. In this context, Křetínský’s stake in Thyssenkrupp Steel Europe is not a speculative play but a deliberate, industrially integrated move: it anchors him at the heart of Europe’s decarbonized heavy industry, giving him both influence over and responsibility for one of the continent’s most consequential—and politically sensitive—green industrial transitions.
Logistics and Postal Services:
Křetínský’s contrarian approach extends to postal and logistics companies, a sector undergoing disruption from digitalization. Through Vesa, he became a major shareholder in national postal operators that many investors had written off due to declining letter volumes and labor issues. In 2020–2021, Křetínský accumulated a stake in Britain’s Royal Mail (now International Distributions Services, IDS). By July 2022 he was the single largest shareholder (22% at that point) and sought permission to exceed 25%. Following a regulatory review under the UK National Security and Investment Act, he was authorised to increase its shareholding on 31 October 2022. Křetínský then moved to take Royal Mail private: in April 2024 he made a takeover offer at 320 pence per share, which was later raised to 370 pence per share (valuing the company at approximately £3.6 billion) and accepted by the board in May. The acquisition was approved by December 2024 with the UK government retaining a golden share to protect universal service obligations. This bold move capped Křetínský’s long-term investment in Royal Mail – from an initial 5% stake in 2020 to full ownership in May 2025 – reflecting his conviction that the centuries-old postal service can be modernized and made profitable in the parcel e-commerce era. Similarly, on the continent, Křetínský has built a large position in the Netherlands’ PostNL. As of today, he holds a 30.49% economic interest in the company—slightly above the Dutch mandatory bid threshold—but has strategically limited his voting rights to 29.9%, with the remaining interest held through non-voting derivatives, thereby avoiding a formal takeover offer. Vesa stated that this investment “confirms [its] strategic interest in the sector of logistics”. Indeed, owning stakes in postal networks aligns with Křetínský’s broader vision: as an investor in retail companies, he understands the importance of last-mile delivery and parcel logistics. There are potential synergies in having influence over both retail operations and their delivery infrastructure. For example, Křetínský could encourage collaborations between his e-commerce retail holdings (like Casino’s Monoprix or Fnac’s online sales) and the postal companies (Royal Mail’s Parcelforce or PostNL’s parcel unit) or invest in new technologies (he also bought 22.56% of Quadient, a French parcel locker and mailroom technology firm to drive efficiency). His postal investments were made when these firms’ stock prices were near historical lows – a bet that with restructuring (cost cuts, automation, new services), they can revive. The long-term commitment is clear: in acquiring Royal Mail, Křetínský even formally committed to upholding the UK’s universal service (daily mail delivery) for at least five years, indicating a patient approach to reforming the business rather than seeking quick gains.
Media and Publishing:
Křetínský has also assembled a significant media portfolio, primarily through his Czech Media Invest (CMI) holding. In his home market, he co-owns Czech News Center (publisher of popular tabloids and newspapers) since 2014. Internationally, he made headlines in 2018 by purchasing a stake in France’s prestigious newspaper Le Monde. He acquired 49% of the stake held by Matthieu Pigasse – roughly equating to about a 13.5% indirect interest in Le Monde’s parent – in a surprise move. Although this raised editorial independence questions, it signaled Křetínský’s interest in legacy media brands. He has since sold this stake to Xavier Niel in September 2023. Around the same time, CMI struck a deal with France’s Lagardère group to buy a portfolio of French magazines. Through that 2018 acquisition, Křetínský became the publisher of well-known titles like the fashion magazine Elle and the political weekly Marianne. These magazine assets were seen as non-core by their previous owner and were sold during a downturn in print media – again fitting Křetínský’s contrarian pattern of buying underappreciated media brands with loyal readerships. Further expanding into content, in 2023 Křetínský agreed to purchase the French publishing house Editis from Vivendi. Vivendi’s divestment of Editis (which includes famed book publishers like Robert Laffont and Plon) was required due to antitrust issues, and Křetínský’s International Media Invest emerged as the buyer. The deal, finalized in late 2023, was worth €653 million. By adding France’s second-largest book publisher to his media empire, Křetínský now straddles print news, magazines, and books – a broad content platform that can yield cross-sector opportunities (for instance, adapting book intellectual property into media, or leveraging magazine brands in e-commerce ventures). His media strategy seems driven by both business and influence: these assets often have stable, if declining, cash flows and strong brand equity, which he believes can be monetized over a longer horizon (e.g. via digital subscriptions or consolidation). Moreover, owning influential media in Europe provides strategic visibility and soft power that complement his industrial investments. Křetínský has largely kept existing editorial teams in place, suggesting his interest is more in long-term value and diversification than in day-to-day editorial control.
Across these sectors, synergies in Křetínský’s portfolio are beginning to materialize. His retail holdings (supermarkets, electronics stores) benefit from modernization and cost-sharing with his logistics companies (postal networks, delivery tech), potentially creating an integrated retail supply chain from product to last-mile delivery. His media and publishing assets add another dimension – for example, retail brands could leverage media outlets for advertising or customer engagement, and content businesses could find new distribution through his retail networks (selling books or magazines in stores). While not a traditional conglomerate synergy, the common thread is Křetínský’s long-term conviction in each sector’s residual value. By patiently holding significant stakes and often securing board influence or control, he can align strategies across companies and pursue gradual transformations that shorter-term investors or fragmented owners might not undertake. Each investment also aligns with his value vision: these are fundamental services (energy to power homes, food and goods retail, postal delivery, information/media) that society will continue to need, albeit in evolving forms. Křetínský’s bet is that with disciplined management and time, these businesses can be turned around or optimized to create substantial shareholder value from their depressed bases.
Investment Style: Contrarian Timing, Patient Capital, and Centralized Holdings
Daniel Křetínský’s investment style is characterized by contrarian timing, deep value orientation, low leverage, and tight governance of his holdings. He has repeatedly demonstrated an ability to time acquisitions against prevailing market sentiment. For instance, during the 2020 global pandemic downturn, when many investors fled the retail sector, Křetínský quietly bought stakes in U.S. retailers Macy’s and Foot Locker at rock-bottom prices. Similarly, he increased his holdings in brick-and-mortar retail and postal firms at points when those stocks were battered by pessimism (e.g. Royal Mail during strike disputes and amidst talk of renationalization). This opportunistic streak is underpinned by careful analysis: Křetínský looks for intrinsic value – strong brands, hard assets, or cash flow – that is being undervalued due to temporary or cyclical issues. His energy acquisitions exemplified this, as he believed coal plants still had years of profitable operation despite the sector’s negative sentiment. In a 2015 speech, he explicitly stated his philosophy: “We want to make money in industries that are dying because we think they’ll die much more slowly than the general consensus says.” This contrarian ethos means he is often stepping into investments that others consider too risky or unappealing, whether it’s fossil-fuel energy, physical retail, or print media. By going against the grain, he often faces less competition for assets and can negotiate favorable deal terms (buying stakes cheaply, or injecting capital on his terms).
Another hallmark of Křetínský’s approach is the use of low leverage and patient capital. His deals are typically financed through equity (often his own or with a close partner) rather than excessive debt. The cash flows from EPH have provided a substantial source of funding. This conservative financing ensures he is not forced to exit investments prematurely due to debt pressures. It allows him to hold onto contrarian bets for years, waiting for the thesis to play out. We see this patience in action with Metro AG (where he persisted from 2018 to 2025 to achieve control) and Royal Mail (holding his stake for several years before launching a bid). Even when he teams up with partners, Křetínský keeps the investor group small and aligned, avoiding the complications of large consortia. His key ally, Slovak financier Patrik Tkáč, has co-invested in many ventures; for instance, Tkáč owns 47% of EP Global Commerce and roughly 44% of other EP group holding companies, ensuring a unified vision. This centralized governance structure – via vehicles like EPGC for retail/wholesale investments, Vesa Equity for public market stakes, and CMI/International Media Invest for media – means decisions can be made quickly and strategies implemented decisively. Křetínský often secures board seats or directorships in companies he invests in, allowing him to influence management. The governance style is typically centralized but hands-on: Křetínský prefers a strong central holding that exercises control, while leaving day-to-day operations to professional managers (as seen with the new CEOs installed at Casino and his existing management teams at EPH).
It’s also notable that Křetínský’s portfolio extends to sports assets, which, while perhaps not core to his industrial strategy, reflect a diversified approach to asset classes and perhaps personal passion. He has been chairman and a major shareholder of AC Sparta Prague (a leading Czech football club) since 2004. In 2021, he purchased 27% of West Ham United, a Premier League football club in London, becoming a co-owner and board member. These sports investments carry a different kind of value – global visibility, local community influence, and potential long-term financial upside as sports franchises appreciate. They also echo his contrarian streak: when West Ham’s owners sought new capital, Křetínský stepped in amid skepticism from fans and observers, again taking a long-term view (there is speculation he may eventually assume full ownership). While sports teams don’t generate the cash flows of his other assets, they are high-profile holdings that integrate into his brand as a pan-European capitalist and can indirectly complement his media interests (sports content, broadcasting, etc.).
In summary, Křetínský’s style combines value discipline with strategic control. He buys low when few others will, holds with patience, and often seeks a path to control or significant influence to drive value-enhancing changes. He operates through streamlined investment vehicles under his control, eschewing heavy debt and keeping partners to a minimum. This approach has allowed him to navigate complex turnarounds (like Casino’s restructuring or Royal Mail’s modernization) with flexibility and without the short-term pressures that come from aggressive leverage or fractious investor groups. It also means he can afford to be patient for years, aligning with the long-term nature of the bets he makes in slowly evolving industries.
Conclusion
Daniel Křetínský has emerged as a key figure in European capitalism, exemplifying a disciplined, patient, and diversified approach to value investing. Over roughly 15 years, he has evolved from a niche energy dealmaker in Prague into a pan-European investor with a hand in critical industries: keeping lights on through his power plants, delivering groceries and electronics to millions of customers via the retailers he backs, ensuring mail and parcels reach homes across the UK and Europe, and owning media that inform the public. His contrarian strategy – to go where others won’t and wait – has led him to control or significantly influence companies that were considered past their prime, and to gradually restore their fortunes. Quantitatively, his empire-building has been striking: a €7.3 billion EBITDA energy group in EPH ; majority control of a €40 billion-revenue retail group (post-Casino and Metro acquisitions); 30.28% of France’s leading electronics retailer; 30.49% of the Dutch postal service; and a growing collection of media assets capped by a €653 million publishing house purchase. These numbers underscore how Křetínský leverages scale and diversification to create value.
Yet, beyond the figures, Křetínský’s significance lies in his philosophy of long-term value creation. In an era when many investors chase quick tech gains or shy away from “old economy” sectors, Křetínský has demonstrated the profitability of patience and contrarian thinking. He has shown that coal plants can fund new ventures, that a struggling supermarket can be saved with bold capital, and that postal services can still have a future in the digital age. His bets do not always align with popular opinion, but that is precisely why they have paid off – buying undervalued assets cheaply and improving them yields outsized returns when the market eventually corrects its pessimism. By centralizing governance in his ventures, he ensures that decisions can be made for the long haul rather than to satisfy quarterly market demands.
As of 2025, Daniel Křetínský stands as one of Europe’s most influential investors under 50, with an estimated net worth around $10 billion and a reputation for strategic acumen. He is often compared to industrialist-financiers of the past who built conglomerates on basic industries, updated for the 21st century with a savvy understanding of market psychology. Importantly, his investments carry implications beyond profit: by stewarding essential services (energy provision, mail delivery, media plurality), he has a direct impact on tens of thousands of jobs and consumers across Europe. Křetínský’s disciplined, patient diversification showcases how long-term investors can shape the corporate landscape, reviving legacy sectors while also preparing them for future challenges. In the coming years, all eyes will be on how his contrarian bets play out – whether coal-funded cash flows successfully transition into greener investments, whether traditional retailers under his wing adapt to e-commerce, and whether his media holdings thrive in the digital world. If his track record is any guide, Křetínský will continue to defy skeptics by finding value in unexpected places and proving that conviction and patience remain powerful tools in creating wealth and transforming businesses over time.
Major Investments of Daniel Křetínský (Chronologically)
Company(Sector) | Stake Held | Est. Value of Stake | Acquisition Date | Latest Annual Revenue | Křetínský’s Role / Comments |
AC Sparta Prague(Football club) | 40% (controlling stake) | (undisclosed) | 2004 | €30 million (2022) * | Co-owner & club president since 2004. A passion investment, he views ownership as a long-term “mission.” |
Energetický a průmyslový holding (EPH)(Energy conglomerate) | >50% (majority control) | €7-8 billion (est.) | 2009 | €23,3 billion (2024) ** | Co-founder and CEO of EPH; started with 20% in 2009. In 2020, partner Patrik Tkáč rejoined, leaving Křetínský with a 50%+1controlling stake. EPH spans 70+ energy assets (power plants, pipelines, etc.) across Europe. |
Czech News Center (CNC) – formerly Ringier CZ (Media) | 50% via Czech Media Invest | €150 million (est.) | 2014 | – (private) | Leading Czech print/digital media house (publishes tabloid Blesk, etc.). Křetínský (50% owner of Czech Media Invest) acquired CNC in 2014 with Patrik Tkáč. He is a hands-off owner focused on long-term media diversification. |
Mall Group (E-commerce retail) | 40% (co-owner via EP Investments) | €350 million (sale value) | 2016 (initial); Exited 2022 | €820 million (2021) ** | Major Czech online retailer (Mall.cz and others). Křetínský partnered with PPF to buy Mall Group in 2016 for €200 million. He held 40% until the group was sold to Poland’s Allegro for €881 million in 2022 (stake exited with a profit). |
French weekly Marianne(Media) | 91% (controlling stake) | (undisclosed) | 2018 | €12 million (2023) | Acquired 91% of Marianne in April 2018. Operates as a socio-political news magazine. Křetínský is a strategic investor via CMI, supporting editorial independence; considered a silent partner in day-to-day operations. |
Le Monde(France’s leading newspaper) | 13.5% (indirect via holding) | (undisclosed) | 2018 (Oct) – Exited 2023 | €310 million (2022) | Bought 49% of Matthieu Pigasse’s holding company (Le Nouveau Monde) in 2018, equating to 13.5 % of Le Monde. Remained a minority, non-controlling investor (nicknamed the “Czech Sphinx”). Sold his stake to co-shareholder Xavier Niel in 2023, exiting the newspaper’s capital. |
Lagardère magazine portfolio – Elle, Télé 7 Jours,etc. (Media) | 100% of French unit | €52 million (purchase) | 2018 (agreement; closed Feb 2019) | €239 million (2018) | Through Czech Media Invest, Křetínský acquired Lagardère’s France magazine publishing business (including Elle, Version Femina,Télé 7 Jours, France Dimanche, Public, etc.) The deal (completed 2019 for €52 M) gave CMI a major footprint in French print media. Křetínský obtained an exclusive license to the Elle brand in France. |
Metro AG(Wholesale retail, Germany) | 50.1% (With Patrik Tkáč) | €960 million (2025 delisting offer) | 2018 (Aug) – ongoing | €33,6 billion (2023/24) | Began acquiring Metro shares in 2018, eventually becoming the controlling shareholder. By April 2025, Křetínský held 50.1% voting rights through EP Global Commerce. In Feb 2025 he moved to take Metro private at €5.33/share (valuing the company €1.92 B). He is pushing for restructuring of the German cash-and-carry chain. |
ProSiebenSat.1 Media (TV broadcasting, Germany) | 4% (estimated via CMI) | €120 million (at the time) | 2019 (Oct) – Exited? | €4.5 billion (2019) | Czech Media Invest disclosed a small stake in German broadcaster ProSiebenSat.1 in 2019. It was a financial investment, not a major holding. (Subsequent developments unclear; the stake was not among his core holdings by 2023.) |
Casino, Guichard-Perrachon SA(Retail, France) | 10% (pre-restructuring) -53.4% (today) | (new €1.2 B injection, actual market value of €212million) | 2019 (initial stake) – ongoing | €8.5 billion (2024) | Křetínský began investing in Casino as early as 2019 via Vesa Equity Investment, initially acquiring a 4.63% stake. By March 2022, he held around 10% of the group. In March 2024, he led a creditor consortium—including EP Equity, Fimalac, and Attestor—that agreed to inject €1.2 billion and reduce Casino’s debt by €6.1 billion. In return, the group secured a 53.7% stake in Casino, with full control transferred in early 2024 through France Retail Holdings. Křetínský is now the driving force behind the group's turnaround. |
Macy’s Inc.(Retail, USA) | 5% → 0%(Vesa) | (sold for €32 M profit) | 2020 (May) – Exited June 2020 | €22.7 billion (2020) ** | Purchased 5% of Macy’s during the 2020 market downturn, then sold it within a month, riding a 65% stock surge. Křetínský’s Vesa made an €32 M profit on this short-term, opportunistic investment. No ongoing stake. |
J Sainsbury plc(Supermarket, UK) | 10.09% (Vesa) | €740 million (market) | 2020 (Sep) – ongoing | €38.9 billion (2024) ** | Began accumulating shares in 2020; disclosed a 3.05% stake in Sept 2020, later increased to 9.99% by 2021. Now the second-largest shareholder. Seen as a strategic but passive investor; has not pursued a takeover, focusing on long-term value |
Foot Locker, Inc. (Retail, USA) | 10.56% (voting rights) | €211 million (market) | 2020 (Nov) – ongoing | €7.4 billion (2024) ** | Built a significant stake during 2020’s market lows, becoming Foot Locker’s largest shareholder by late 2020. Currently holds 10.56% of voting rights via Vesa. Initially an activist angle was speculated, but Křetínský has remained a relatively quiet investor, likely betting on sector recovery. |
PostNL N.V.(Postal & parcels, NL) | 30.49% (Vesa) | €170 million (market) | 2020 – ongoing | €3.25 billion (2024) | By Nov 2022, Vesa had accumulated 31.4% of PostNL, the Dutch mail and package delivery group, making Křetínský the largest shareholder. He began buying in 2020 amid postal sector consolidation. Considered a strategic but long-term holding; he has a board seat and is seen as an active investor advocating operational improvements. |
International Distributions Services (Royal Mail)(Postal, UK) | 27.56%(Vesa) | €4.2 billion (acquisition) | 2020 (1st stake) - ongoing | €14.7 billion (2023/24) ** | By 2022, Křetínský held 27.56% of Royal Mail via Vesa. In 2024, he launched a £3.6B takeover through 1890s Holdings. The deal was approved, and full ownership is pending, with delisting expected by June 2025. He has pledged to uphold the UK’s universal service for five years. |
West Ham United F.C.(Football club, UK) | 27% (minority stake) | €250 million | 2021 (Nov) – ongoing | €323 million (2023/24) ** | Acquired 27% of Premier League club West Ham in November 2021 for about €210–230 M becoming the second-largest shareholder. Holds a seat on the board; viewed as a strategic partner with an option to mount a full takeover in the future. |
Fnac Darty(Retail, France) | 30.28% (largest shareholder) | €270 million (market) | 2022 (built stake) – ongoing | €8.25 billion (2024) | Křetínský’s Vesa began buying in 2021, crossing 10%by March 2022. By March 2023, he owned 25.0%, later exceeding 30%. Now the lead shareholder of Fnac Darty, he is considered a strategic investor. His involvement raised speculation of potential M&A (Vesa and Fnac recently joined forces to acquire Italian retailer Unieuro). |
TF1 Group(Media, France) | 5.04% (via Vesa) | €76 million (market) | 2021 (Sept) – ongoing | €2.36 billion (2024) | Quietly amassed a 5.04% stake in French TV broadcaster TF1 in September 2021. This minority holding (below governance thresholds) is seen as a portfolio investment aligned with Křetínský’s media expansion. He has no board seat; considered a passive stakeholder so far. |
DoDo Logistics(Tech logistics, CEE) | Significant minority stake | €60 million (investment) | 2022 (May) – ongoing | €63 million (2023) ** | Invested €60 M in Prague-based courier startup DoDo in 2022 to fuel international expansion. DoDo (founded 2015) provides last-mile delivery in e-commerce and food delivery. Křetínský’s capital injection will be phased over 2 years; the founder retains majority control. Křetínský is a strategic backer for growth beyond the Czech market. |
Editis (Book publishing, France) | 100% (via IMI/CMI) | €653 million (acquisition) | 2023 (June deal, closed 2023) | €789 million (2022) | In June 2023 Vivendi agreed to sell Editis(France’s second-largest publisher) to Křetínský’s International Media Invest. The sale closed in 2023 for a total value of €653 M (including debt). Křetínský now owns Editis outright, marking a major expansion into book publishing. He is expected to support Editis’s growth and digital transition while maintaining editorial autonomy. |
Notes: *Sparta Prague’s 2022 revenue is estimated from Czech league data. **Revenue converted to EUR from local currency (GBP, USD or CZK) for comparison.
References
News Articles, Analyses, and Financial Journalism
1. Associated Press. (2024, December 16). UK government approves $4.6-billion takeover of Royal Mail by a Czech billionaire. https://apnews.com/article/6f64969278362541f6f4831f0ae31f51
2. Bloomberg. (2024, December 16). Czech Billionaire Kretinsky Gets UK Approval to Buy Royal Mail. https://www.bloomberg.com/news/articles/2024-12-16/royal-mail-given-promises-by-czech-billionaire-to-secure-deal
3. Financial Times. (2024, December 17). Royal Mail bought by Daniel Křetínský.https://www.ft.com/content/282bcd4e-8f13-4ac5-9c98-ada36f66f662
4. Reuters. (2024, April 26). Thyssenkrupp sells stake in steel unit to Czech billionaire Křetínský. https://www.reuters.com/markets/deals/thyssenkrupp-enters-strategic-partnership-with-kretinskys-epcg-2024-04-26/
5. Reuters. (2024, April 25). Czech billionaire Křetínský's energy assets post €7.8 billion core profit in 2023. https://www.reuters.com/business/energy/czech-billionaire-kretinskys-energy-assets-post-78-billion-core-profit-2023-2024-04-25/
6. The Guardian. (2025, April 3). Royal Mail takeover deal by Czech billionaire to be finalised this month. https://www.theguardian.com/business/2025/apr/03/royal-mail-takeover-deal-czech-billionaire-finalised-daniel-kretinsky
7. Reuters. (2023, January 3). Kretinsky-led consortium to own 53.7% of retailer Casino after restructuring. https://www.reuters.com/business/retail-consumer/kretinsky-led-consortium-own-537-casino-capital-completion-restructuring-plan-2024-01-03/
8. Reuters. (2024, March 28). Casino changes leadership team as boss Naouri's era ends.https://www.reuters.com/business/retail-consumer/casino-changes-leadership-team-boss-naouris-era-ends-2024-03-28/
9. Euronews. (2024, April 26). Casino to cut 3,200 jobs following takeover. https://www.euronews.com/business/2024/04/26/frances-casino-supermarket-chain-to-cut-3200-jobs-following-takeover
10. Radio Prague International. (2021, November 4). Allegro to acquire Mall Group in €881 million deal. https://english.radio.cz/allegro-acquire-mall-group-eu881-million-deal-8730392
11. Reuters. (2022, May 3). Kretinsky to invest €60 million into DoDo logistics firm.https://www.reuters.com/article/business/czech-billionaire-kretinsky-to-invest-60-million-euros-into-dodo-logistics-firm-idUSKCN2MP0H9/
12. Reuters. (2021, September 14). Kretinsky buys 5% stake in French TV group TF1. https://www.reuters.com/article/world/europe/czech-billionaire-kretinsky-buys-stake-of-around-5-in-french-tv-group-tf1-idUSKBN2GA0SR/
13. Broadband TV News. (2021, September 14). Daniel Kretinsky invests in TF1.https://www.broadbandtvnews.com/2021/09/14/daniel-kretinsky-invests-in-tf1/
14. Le Monde. (2024, October). Marianne's sale to Jean-Martial Lefranc in question. https://www.lemonde.fr
15. La Tribune. (2023). Marianne magazine's financial troubles. https://www.latribune.fr
Institutional and Corporate Press Releases
16. EP Corporate Group, a.s. (2025, April 30). Offer declared unconditional.https://www.investegate.co.uk/announcement/rns/international-distributions-services--ids/offer-declared-unconditional/8855237
17. AG. (2024, April 26). Strategic partnership with EP Corporate Group.https://www.thyssenkrupp.com/en/newsroom/press- releases/pressdetailpage/thyssenkrupp-and-ep-corporate-group-enter-into-strategic-partnership-253015
18. EPH Holding. (2024). Company profile and energy assets. https://www.epholding.cz/en/profile/
19. DoDo Group SE. (2023). Company overview and logistics performance. https://www.idodo.group/en/about
20. Groupe Casino. (2024). Final restructuring plan approved. https://www.groupe-casino.fr
21. CMI France. (n.d.). CMI France media activities. https://www.cmifrance.com
22. Editis Groupe. (2022). Corporate data and publishing brands. https://www.editis.com
Stock Market and Financial Data
23. Refinitiv Workspace. (2025). Company financials and shareholder data for EP Group, Fnac Darty, Casino, PostNL, Metro AG, Foot Locker, and others.
Comments