How Royal Mail is poised to create an Amazon for Europe

Kretinsky’s ambitious plans have been backed by a frenetic wave of acquisitions that has intensified since 2018, when the tycoon began diversifying its business away from energy.

This week, Fnac made a €249m (£210m) bid to buy Italian company Unieuro, a deal that would create a major new player in the consumer electronics and home appliances market in southern and western Europe.

In the UK, Kretinsky is also hunting. The Telegraph learned that EP Group was considering taking over Currys but pulled out after being surprised by the price.

The consumer electronics group attracted interest from China’s JD.com and received multiple offers from U.S. private equity firm Elliott Advisors, but ultimately rejected the offer.

Meanwhile, Kretinsky is understood to have been investigating a potential investment in Marks & Spencer. One source said EP Group executives began making secret trips to M&S stores after official visits to Sainsbury’s to compare the two retailers.

Takeover talks are believed to be dead and Kretinsky, who is also the second largest shareholder in West Ham Football Club, is now focusing on taking over Royal Mail.

Still, the maneuvers underscore the scale of the tycoon’s ambitions as he tries to consolidate his sprawling empire into a new powerhouse that can take on Amazon. EP Group declined to comment.

Things may not go smoothly. Paterson warns that combining retail and logistics has its drawbacks in the face of rapidly evolving technology and the increased use of robotics.

“I think working with a variety of customers, rather than just one group, can lead to faster and better innovation and implementation, and from a cost perspective, retailers often benefit from going out to tender and changing suppliers,” he says.

De Mello is also skeptical about whether Kretinsky will seek to compete with Jeff Bezos’ “everything store,” suggesting it could instead focus on a specific area such as consumer electronics.

“The replacement cycle is now such that people are starting to replace TVs and laptops that they bought during the COVID-19 pandemic, so it’s definitely a good time to consider investing in audiovisual equipment,” he says.

Still, Kretinski’s unbridled appetite for business means he now manages an enviable collection of e-commerce assets across the continent, and his expansion plans show no signs of slowing down.

Once the takeover of Royal Mail is complete, the Czech sphinx will be ready to strike again.