- Central Group will own 60% of Selfridges Group after buyout of Signa Group’s interest by PIF, which will own 40%
- Deal to boost Selfridges Group position as an iconic luxury retailer
Central Group, a family-owned retail, real estate and hospitality conglomerate has announced today its new partnership with PIF following PIF’s total buyout of Signa Group’s interest in Selfridges Group. Completion of the transaction is subject to customary approvals.
Under this new partnership, Central Group will own a 60% stake, while PIF will hold 40% of both Selfridges Group’s operating and property companies. The deal includes new investment by both Central and PIF to strengthen Selfridges Group’s financial position and support the group’s future development.
Selfridges Group owns and operates 18 luxury department stores in 3 countries: Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. The portfolio includes the iconic properties at Selfridges Oxford Street in London and Selfridges on Manchester’s Exchange Square.
The new partnership, built on the solid foundations of a shared vision, investment expertise and industry knowledge, aims to amplify Selfridges Group’s potential, strengthening its position as one of Europe’s leading luxury retail destinations.
Under this new partnership, Central Group will own a 60% stake, while PIF will hold 40% of both Selfridges Group’s operating and property companies. The deal includes new investment by both Central and PIF to strengthen Selfridges Group’s financial position and support the group’s future development.
Selfridges Group owns and operates 18 luxury department stores in 3 countries: Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. The portfolio includes the iconic properties at Selfridges Oxford Street in London and Selfridges on Manchester’s Exchange Square.
The new partnership, built on the solid foundations of a shared vision, investment expertise and industry knowledge, aims to amplify Selfridges Group’s potential, strengthening its position as one of Europe’s leading luxury retail destinations.
Tos Chirathivat, Executive Chairman and Chief Executive Officer of Central Group, said “We became the majority shareholder in Selfridges Group’s operating company in November last year. Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position. The Group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders. 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.”
Central Group began its investment in Selfridges Group in 2022 and has propelled the business towards continuous growth. Notable developments include the recent makeover of the Selfridges Beauty Hall on Oxford Street into the "Beauty Destination of the Future", seamlessly blending innovative and cutting-edge services with luxury. Additionally, major renovations have been completed on the ground floor of Brown Thomas in Dublin and in the men’s department of de Bijenkorf in Amsterdam, expanding the luxury retail space to better accommodate the sophisticated lifestyle of celebrities and brand enthusiasts. In the past year, Selfridges Group generated sales of over £2,800 million, equivalent to over 125,000 million Baht.
Central Group’s European luxury department store portfolio currently comprises 40 stores, located in 34 major tourist cities across 7 countries.* The most recent developments are as follows:
Central Group began its investment in Selfridges Group in 2022 and has propelled the business towards continuous growth. Notable developments include the recent makeover of the Selfridges Beauty Hall on Oxford Street into the "Beauty Destination of the Future", seamlessly blending innovative and cutting-edge services with luxury. Additionally, major renovations have been completed on the ground floor of Brown Thomas in Dublin and in the men’s department of de Bijenkorf in Amsterdam, expanding the luxury retail space to better accommodate the sophisticated lifestyle of celebrities and brand enthusiasts. In the past year, Selfridges Group generated sales of over £2,800 million, equivalent to over 125,000 million Baht.
Central Group’s European luxury department store portfolio currently comprises 40 stores, located in 34 major tourist cities across 7 countries.* The most recent developments are as follows:
- July 2024: Acquisition of the iconic KaDeWe property in Berlin from Signa Prime Selection AG, transitioning from tenant to property owner. Central Group concurrently acquired assets of the KaDeWe Group and established a new entity, KaDeWe GmbH. This makes Central Group the sole owner and operator of three most prestigious luxury department stores in Germany: KaDeWe in Berlin, Oberpollinger in Munich, and Alsterhaus in Hamburg.
- August 2024: Execution of an agreement to acquire the entire operating business of all 9 Globus department stores in Switzerland (while maintaining a 50% stake in the property company that owns the Globus real estate portfolio).
- September 2024: Central Group, in partnership with PIF, the sovereign wealth fund of Saudi Arabia, entered into an agreement to acquire the entire Selfridges Group business from its former shareholder, Signa Group, comprising the operating and the property companies. Central Group will hold a 60% stake, while PIF will hold the remaining 40% in both companies previously owned by Signa. Completion of the transaction is subject to customary approvals.