A Thai-Austrian joint venture of Central Group and Signa has acquired British department store operator Selfridges Group in a deal said to be worth €4.8 bn, the biggest UK retail deal in years.
Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa are buying the group on a 50-50 basis from the Canadian entrepreneurial family Weston.
The business was bought by the Canadian businessman Galen Weston for almost £600 mln in 2003 and has since expanded to include other department store chains, including Arnotts and Brown Thomas in Ireland, Holt Renfrew in Canada and De Bijenkorf in the Netherlands. Overall the group operates 25 stores worldwide across its five brands.
The Selfridges Group's portfolio comprises 18 department stores, including the Selfridges stores in London, Manchester and Birmingham, de Bijenkorf in the Netherlands and Brown Thomas Arnotts in Ireland. Signa and Central are also taking over all properties of the Selfridges Group such as the unique location on Oxford Street in London, the building in Manchester and five other locations in Ireland.
Tos Chirathivat, Executive Chairman and CEO of Central said: ‘It is a great honor to take over the Selfridges Group, including the flagship store on Oxford Street. For over 100 years it has been the center of London's most famous shopping street. As family-run companies, Central and Signa will focus on offering the local population as well as all international visitors exceptional and unique shopping experiences. Together we will ensure that all Selfridges Group department stores have a bright future for the next 100 years. We look forward to working with the management teams and employees of the Selfridges Group, with whom we will create the world's leading luxury department store group.’
Dieter Berninghaus, Chairman of the Executive Board of Signa added: ‘We look forward to working together to take over the Selfridges Group with Central as a partner. Together with world-leading designers and architects, we will innovatively develop the outstanding department stores at all locations and create the most modern, sustainable omnichannel worlds of experience for our customers. We will continue the vision of the late Galen Weston, realize his master plan for a leading global luxury department store group and also lead the legendary Oxford Street location, including hotel development, into the next generation.’
