Selfridges, the iconic department store, was sold by the Canadian billionaire family to a joint venture in Thailand and Austria. The British store chain was sold by the Weston family to Central Group in Thailand and Signa Holding in Austria, which each own 50%.
The deal also included the group’s other retail division which includes Arnotts and Brown Thomas (Ireland) and de Bijenkorf (Netherlands). Holt Refrew will continue to be owned by Weston, the Canadian high-end department store chain.
The sale’s value is not disclosed
Bloomberg confirmed the sale early Friday morning, but did not disclose terms. Galen Weston purchased the Oxford street flagship in 2003, for 600 million pounds.
The Central Group, Thailand’s largest retailer, is owned by the Chirathivat family. The Group’s international portfolio also includes Italy’s Rinascente and Denmark’s Illum as well as Germany’s KaDeWe, Globus in Switzerland, and Germany’s Illum. Signa is the partner in these two companies.
Signa is a media, retail and real estate group with assets in New York’s Art Deco Dodger Building and Hotel Bauer in Venice. According to the Financial Times, Signa’s global real-estate assets are worth more than 24 billion euros.
Selfridges is the sole owner of the UK stores. It remains London’s most popular fashion destination, a treasure trove of experiential retailing, that many have tried to copy.
Tos Chirathivat (executive chair and chief executive of Central Group), stated that Signa and Central will be family-owned businesses and will provide exceptional digital and store experiences for local residents as well as overseas visitors.
Harry Gordon Selfridge, an American businessman, founded Selfridges in 1908. In 2016, Mr Selfridge, a miniseries on television, filmed his story.
The Selfridge Group currently has 28 locations around the world. No changes in management were announced.