Thailand’s Central Group has teamed with Austria’s Signa Holding to acquire Selfridges Group under a 50/50 partnership. Financial terms of the deal were not disclosed however a source close to the matter said it was worth around 4 billion pounds (US$ 5.37 billion).
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Central and Signa are buying 18 department stores, including Selfridges in London, Manchester and Birmingham, de Bijenkorf in the Netherlands, plus Brown Thomas and Arnotts in Ireland. They will also get the associated e-commerce platforms and properties in London, Manchester and in five Irish locations. All of the stores will continue to be run by the existing leadership teams. The Canadian business, Holt Renfrew, will remain with the Weston family.
The transaction will see Selfridges Group join the combined Central and Signa portfolio of luxury department stores that includes La Rinascente in Italy, Illum in Denmark, Globus in Switzerland and the German KaDeWe Group.
Central Group is a family-owned company involved in a host of industries from real estate and retailing to hospitality and restaurants. The Chirathivat family had the 20th largest fortune in Asia, worth US$12.9 billion, according to a ranking compiled in November 2020 by Bloomberg News.
Signa was founded by retail and real estate entrepreneur Rene Benko, who owns or has stakes in some of the world’s most famous properties including the Chrysler building in New York.
Tos Chirathivat, Executive Chairman and CEO of Central, said: “It is a privilege to be acquiring Selfridges Group, including the flagship Oxford Street store, which has been at the centre of London’s most famous shopping street for over 100 years. As family businesses, Central and Signa will focus on delivering exceptional and inclusive store and digital experiences for both local residents and overseas visitors alike, to ensure we can give all the stores in Selfridges Group a bright future for the next 100 years. We are looking forward to working with the management teams and the colleagues across Selfridges Group, as we seek to create a world-leading luxury, retail company.”
Dieter Berninghaus, Chairman of the Executive Board of Signa, added: “Together, we will work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into sustainable, energy-efficient, modern spaces, whilst staying true to their architectural and cultural heritage. We plan to fulfil the vision of the late Galen Weston to deliver his masterplan and create a high-quality experience retailing environment for our customers and brand partners.”
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Alannah Weston, Chairman of Selfridges Group, commented: “The acquisition of Selfridges Group by Central and Signa is testament to the successful realisation of my father’s vision for an iconic group of beautiful, truly experiential, department stores. Creative thinking has been at the heart of everything we did together for nearly twenty years and sustainability is deeply embedded in the business. I am proud to pass the baton to the new owners who are family businesses that take a long-term view. I know they will fully embrace that vision and continue to empower our incredible team to take the Group from strength to strength.”