Thai retail conglomerate Central Group and Austrian retail group Signa Holding have completed their acquisition of British department store chain Selfridges from the billionaire Weston family.
The sale of Selfridges was announced last December, and will see Central Group and Signa Holding manage the retail group under a 50-50 partnership agreement.
As part of the $5.37 billion deal, Selfridges Group will join Central and Signa’s existing portfolio of 22 luxury department stores, with two new stores opening in Düsseldorf and Vienna. Selfridges Group has 18 stores under four banners in three countries.
As a result of the deal, Selfridges Group’s current managing director, Anne Pitcher, will step down at the end of the year.
Stefano Della Valle, CEO of the Central and Signa groups’ luxury department stores in Europe, will lead the Selfridges Group in his expanded role.
Meanwhile, Tos Chirathivat, executive chairman and CEO of Central Group, and Dieter Berninghaus, executive chairman of Signa Holding, will serve as the group’s new co-chairmen.
“We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry,” Chitathivat and Berninghaus said in a statement.
“We are committed to creating the world’s leading luxury omnichannel platform for all our customers through both online and offline channels.”
Read also > Selfridges to be acquired for nearly 5 billion euros
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