De Bijenkorf, part of the Selfridges Group, is a retail icon in Amsterdam.
Provided by Central Group.
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De Bijenkorf, part of the Selfridges Group, is a retail icon in Amsterdam.
Provided by Central Group.
Thailand’s retail giant Central Group, controlled by the Chirathivat family, and Saudi Arabia’s Public Investment Fund (PIF) agreed to form a strategic partnership following the latter’s acquisition of a 40% interest in the Selfridges Group, the European luxury department store operator.
PIF has an agreement to buy the Selfridges shares from insolvent Austrian retail operator Signa Group. The sale is subject to regulatory approval.
Selfridges owns and operates 18 premier department stores in three countries, including Selfridges in the U.K., De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. Its flagship locations on London’s Oxford Street and Manchester’s Exchange Square are city landmarks.
Under the partnership, Central Group will own a 60% stake in Selfridges Group’s operating and property companies while PIF holds 40%. The deal includes new investment by both shareholders to strengthen Selfridges’ finances and support future development. They did not reveal investment amounts.
“PIF is Central’s partner of choice in this distinguished company and we are confident that PIF’s proven global track record of investments, combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders,” Tos Chirathivat, Executive Chairman and Chief Executive Officer of Central Group said in a statement.
The partnership aims to strengthen Selfridges’ position as one of Europe’s leading luxury retail destinations, Central Group said in a statement.
“We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores,” Turqi Al-Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said in a separate statement. “This transaction allows Selfridges Group to build on its position as a premier retail destination.”
Since entering Europe more than a decade ago, Central Group has built a sizable presence with a string of acquisitions. Its European luxury department store portfolio comprises 40 stores in 34 major tourist destinations in seven countries including Rinascente in Italy and Illum in Denmark.
Earlier this year, Central took over KaDeWe, the more than century-old luxury department store in Berlin owned by Signa, along with The Oberpollinger in Munich and The Alsterhaus in Hamburg. The group also acquired all nine Globus department stores in Switzerland.