Berggruen Holdings and BCBG Max Azria Group Form Strategic Partnership in Bid for Karstadt

NEW YORK, PARIS, and BERLIN, May 26, 2010 - Berggruen Holdings, the direct investment vehicle of Nicolas Berggruen,
and BCBG Max Azria Group, a leading designer, retailer and distributor of
women's apparel and accessories, have formed a strategic partnership in a bid
to acquire Karstadt, a leading German department store chain, out of
bankruptcy. Karstadt's parent company, Arcandor AG, filed for bankruptcy in
June of 2009. Financial details of the joint venture or the bid were not
disclosed.

"Karstadt is an iconic German company with over 125 years of history and
we are committed to reviving the brand and returning it to its former glory,"
said Nicolas Berggruen. "We are optimistic about our opportunity to work
cooperatively with Karstadt to re-build and enhance the company and to seize
on strong prospects within the German retail industry. We believe Karstadt
suffered significantly under its previous owners and our joint venture with
BCBG Max Azria Group is the ideal partnership to bring a fresh and
knowledgeable perspective to the company while protecting jobs for Karstadt's
employees."

"BCBG and Berggruen are committed to helping to restore the luster of the
revered Karstadt brand," said Max Azria, founder, designer and CEO of BCBG
Max Azria Group.

David Jehan, President of BCBG Max Azria Group stated, "Berggruen's
financial expertise and resources, long term investment horizon and
commitment to investing in Germany coupled with BCBG's robust procurement
network and merchandising expertise will help drive significant value and
opportunities for Karstadt, its employees, and customers."

Karstadt has 120 stores and employs over 25,000 people in Germany.
Berggruen Holdings and BCBG Max Azria Group are actively engaged in ensuring
that their bid has the support of employees, union representatives and any
other stakeholders of the company.

Nicolas Berggruen's investments have regularly demonstrated a great sense
of social responsibility and commitment to society, abstaining from
short-term profit maximization and instead focusing on sustainable long-term
growth and profitability. Berggruen Holdings has had long-standing offices in
Berlin, primarily focused on real estate investments. The firm's investment
activities in Berlin have a strong focus on the preservation of Berlin's
architectural icons such as Sarotti Hofe, Schuckert Werke and Cafe Moskau and
it is committed to developing Berlin's reputation as an international center
of art.

BCBG is an expert in global procurement and operations management for the
retail industry. The company manages over 500 production facilities and 1200
retail outlets worldwide, including six retail outlets in Germany.

About Berggruen Holdings

Berggruen Holdings is active worldwide in real estate, renewable energy
and creative private investments. The firm takes a long-term, value-oriented,
often contrarian view. It prefers to build organically and through
acquisitions, partnering with management, as opposed to quick, opportunistic
exits. Over the last 20 years, Berggruen Holdings and related entities have
made well over 100 direct investments using its proprietary capital, which
allows for longer investment horizons.

About BCBG Max Azria Group

BCBG Max Azria Group designs, develops, produces and markets complete
collections of women's ready-to-wear and accessories, each known for being at
the forefront of creativity, quality and style. The Group is one of the
worldwide leaders in ready-to-wear, encompassing a portfolio of over 20
brands, including BCBGMAXAZRIA, Max Azria, Herve Leger by Max Azria and
BCBGeneration, among others, and a retail and wholesale network that includes
more than 13,500 points of sale throughout the world. For more information,
please visit www.bcbgmaxazriagroup.com.

Contact Information

    For Germany
    Wolfgang Weber-Thedy
    WEBER-THEDY Corporate & Financial Communications
    +41-44-266-15-86
    wolfgang.weber-thedy@weber-thedy.com

    For United States
    Kathleen Lacey
    Edelman
    +1-212-704-8255
    kathleen.lacey@edelman.com

In Germany: Wolfgang Weber-Thedy, WEBER-THEDY Corporate & Financial Communications, +41-44-266-15-86, wolfgang.weber-thedy at weber-thedy.com, or in the United States: Kathleen Lacey, Edelman, +1-212-704-8255, kathleen.lacey at edelman.com