NKD is a market-leading discount retailer with over 1,800 stores across Germany, Austria and Slovenia and with a significant and growing presence in Italy, Croatia and Eastern Europe. The store sells a mix of basic apparel and homeware products at competitive prices.

NKD has a unique market positioning operating typically from small format stores in provincial towns. NKD stores often serve as a local community one-stop-shop with a strong customer connection. The company has considerable further roll-out potential in its core markets.


We have spent a significant amount of time analysing the retail market in the context of the well-documented struggles the sector has faced in recent years. We focused in on the discount retail subsegment of the market on the basis that it is defensible, less susceptible to online disruption and offers significant data-driven upsides. We felt that NKD Group in particular had a unique market positioning with a differentiated location strategy.

We were able to enter bilateral negotiations to acquire the company in early 2019 and the acquisition was completed in May 2019.

What we've done

Since the investment in the business, NKD has restarted its new store roll-out programme in existing and new European markets targeting over 100 new store openings a year. With the help of the TDR Data Science team, NKD has implemented a number of value accretive initiatives focused on optimising discounting levels, eliminating low return marketing spend and improving promotion targeting and merchandise selection.