Since 1 January 2005, the food departments in currently 67 (and initially 72) of the 90 Karstadt branches have been run by a Cologne-based joint venture known as Karstadt Feinkost GmbH & Co. KG, of which Karstadt owns 74.9% and the Rewe Group 25.1% and of which each company appoints one managing director. Karstadt contributed goods and properties worth around 50 million euros to the company and Rewe the same amount of new capital. Initially, Karstadt Feinkost had around 3,700 employees, most of whom had come from KarstadtQuelle, and generated an annual turnover of around 500 million euros. Until 2007 the joint venture reported annual pre-tax losses in the tens of millions. Ever since the founding of Karstadt Feinkost the departments have been gradually refurbished and repositioned with a modified product range under the new brand Perfetto.