Luxury department store chain Selfridges has been sold by the Canadian Weston family to a joint venture between a Thai retailer and an Austrian property company for an estimated £4bn.
All stores in the Selfridges Group have been purchased by Thailand’s Central Group and Austrian real estate company Signa Holding, with Selfridges to join its portfolio of other department stores in Italy, Germany and Denmark.
Central and Signa will operate all four of Selfridges’ stores – one in London, one in Birmingham and two in Manchester – as well as De Bijenkorf, Brown Thomas and Arnotts.
The new owners said these brands will continue to be run by the existing leadership teams, as well as their ecommerce platforms and operating companies.
The deal also sees the return of former Selfridges boss Vittorio Radice, who joined Central Group’s non-executive board in September, to the luxury department store chain.
The joint venture confirmed that the Weston family would continue its ownership of Holt Renfrew in Canada.
The firms are thought to have beaten off competition for Selfridges from Qatar Investment Authority, which owns Harrods, and Hong Kong-based department store owner Lane Crawford.
Central Group, which began with a single store in Bangkok in the 1950s, was part-listed on the Thai stock exchange last year and has other interests in department and convenience stores, shopping centres and hotels.
Signa is owned and run by one of Austria’s richest men, René Benko.
The Westons, one of Canada’s wealthiest families, first confirmed they might consider a sale of their European department stores in June after an approach from a mystery buyer.
The deal comes after the death in April this year of 80-year-old W Galen Weston, who had spearheaded the purchase of Selfridges in 2003 for £628m.
Central Group executive chair and chief executive Tos Chirathivat 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, chair of the executive board of Signa, said: “We are excited to be acquiring Selfridges Group in partnership with Central.
“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 while 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 retailing environment for our customers and brand partners.”
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