PIXmania appoints Luis Krug as new CEO

PIXmania, the company with the highest turnover within the portfolio of mutares AG (ISIN DE000A0SMSH2), appoints Luis Krug as new CEO. Luis Krug has an outstanding experience in the e-commerce business being responsible for the success of large e-commerce companies such as Redcoon and BuyVIP.

PIXmania appoints Luis Krug as new CEO by April 1, 2014. Luis Krug contributes his expertise in e-commerce to the realignment of PIXmania. He will concentrate on the further optimization of the B2C-segment of PIXmania, which has been the most important driver for growth since the company’s foundation in 2000.

Prior to his new assignment at PIXmania, Luis Krug gained extensive experience in the e-commerce business. In 2000, he founded Electronica24, a mail-order company for consumer electronics. Afterwards he co-founded the Redcoon Group that developed into one of the leading European online retailers for electronics with a turnover of more than EUR 400m. Redcoon was acquired by Media-Saturn Group (Metro AG) in 2011. As COO, he was the driving force behind the internationalisation of BuyVIP, which was acquired by Amazon in 2010.

PIXmania is an online mail-order business that currently operates in 14 European countries and additionally delivers services for large groups such as Carrefour. After ceasing the unprofitable activities, PIXmania expects to achieve a turnover of more than EUR 290m in the financial year between May 2013 and April 2014, while employing nearly 800 employees at locations in France and the Czech Republic.

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.de), acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. In 2018, Mutares’ portfolio companies generated consolidated revenues of EUR 865 million and employed more than 4,700 people worldwide. The shares of Mutares SE are listed on Frankfurt Stock Exchange under the ticker symbol “MUX” (ISIN: DE000A2NB650).