If you have read Bluebear, then this is a darker, more complex and even more satisfying tale, brimming over with the same dazzling inventiveness but with a more compelling, less episodic storyline.
If you haven't read Bluebear, you should, but you could read this without it; think Terry Pratchett without the nerdy irony; Tolkein written by Roald Dahl. I read these to my kids for half an hour each night, and we've been spellbound for months.
Younger kids might find it quite strong - some of it is a little gruesome. But there again as Roald Dahl knew, kids love that stuff.
And a word of praise for the translator too; I'm a languages student myself, but unusually I wasn't aware at any point that this was a translation.