Thailand’s Central Group and Austria’s Signa have completed the acquisition of luxury retailer Selfridges Group from the Weston Family.
The deal, first announced in December 2021, has created a leading global luxury department store group, present in eight European countries and with flagship stores in prime urban areas, including the iconic Selfridges on Oxford Street in London.
At the time of the announcement, the deal was said to be worth €4.8 bn, making it the biggest UK retail deal in years.
The Selfridges Group operates 18 stores under four banners in three countries, namely Selfridges in the UK, Brown Thomas & Arnotts in Ireland, and De Bijenkorf in the Netherlands.
These stores will be integrated with Central and Signa's combined portfolio of 22 luxury department store, including Rinascente (Italy); Illum (Denmark); KaDeWe, Oberpollinger, and Alsterhaus (Germany); and Globus (Switzerland), in addition to two new stores opening soon in Dusseldorf and Vienna.
The deal also covers Selfridges Group's e-commerce platform, which has over 30 million online visitors monthly and ships to over 130 countries.
Stefano Della Valle, CEO of Central and Signa’s luxury department store group in Europe, will lead Selfridges Group, while Anne Pitcher, current managing director of The Selfridges Group, will stay until the end of the year.
Tos Chirathivat, executive chairman and CEO of Central Group, and Dieter Berninghaus, chairman of the executive board of Signa Holding, will be the new co-chairmen of the group.
Chirathivat and Berninghaus commented: ‘We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry. We are committed to create the world`s leading luxury omni-channel platform for all our customers through both online and offline channels. We are excited to meet and work with our new colleagues, as well as brand partners to achieve this vision.’
Central and Signa received financial advice from Citi and legal advice from Skadden, Arps, Slate, and Meagher & Flom (UK).
Retail Capital Partners were strategic and commercial advisors, with Pinsent Masons also advising Central and Signa.
Credit Suisse was financial adviser to the Weston family and Selfridges Group, while Allen & Overy acted as legal adviser.
