Thai conglomerate Central Group has unveiled a partnership with Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), following PIF’s complete acquisition of Signa Group’s stake in the Selfridges Group.
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As part of this alliance, Central Group will command a 60 percent majority interest, with PIF securing the remaining 40 percent share in both the operating and property entities of Selfridges Group.
The agreement also entails fresh injections of capital from both Central and PIF, aimed at fortifying Selfridges Group’s growth trajectory.
The group, with a notable presence spanning 18 upscale department stores across three nations—comprising Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland—boasts establishments like Selfridges on Oxford Street in London and Selfridges at Manchester’s Exchange Square.
Central Group’s strategic investments in Selfridges Group since 2022 have since helped to catalyse robust growth, such as the transformation of Selfridges’ Beauty Hall into a futuristic “beauty destination” and comprehensive refurbishments at Brown Thomas in Dublin and de Bijenkorf in Amsterdam.
Central Group’s European luxury department store portfolio currently encompasses 40 outlets in 34 prominent tourist hubs across seven nations.
In July, Central Group acquired Berlin’s KaDeWe property from Signa Prime Selection AG, transitioning Central Group from tenant to a property owner, thus consolidating its ownership of Germany’s premier luxury department stores.
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Central Group also recently inked an agreement to acquire all nine of the upscale retailer Globus’ department stores.