Thailand’s Central Group has announced the complete acquisition of Selfridges, the iconic British luxury department store chain. The transaction marks the end of its partnership with Austrian company Signa Holding, which is experiencing financial difficulties. For its part, Central Group consolidates its position as Europe’s largest luxury department store group.
On Tuesday, November 14, Thailand’s Central Group announced its full acquisition of the prestigious British luxury department store chain Selfridges. This transaction follows the financial difficulties of its Austrian partner, Signa Holding, with whom Central Group had acquired the chain in 2021.
To complete the deal, Central Group converted a loan into shares, thus becoming the majority shareholder in Selfridges, which comprises 18 department stores. The deal also includes De Bijenkorf in the Netherlands and Brown Thomas and Arnotts in Ireland.
Details of the transaction were not disclosed.
“Central Group will become the majority shareholder and take control of the joint venture for the operating companies within Selfridges Group,” said the Asian conglomerate. “This decision consolidates Central Group as the owner-operator of Europe’s largest luxury department store group, offering customers the best selection of brands, merchandise and extraordinary experiences.”
End of a partnership
Signa Holding, formerly controlled by Austrian businessman René Benko through a series of trusts, had acquired Selfridges in partnership with Central Group in 2021 for 4.6 billion euros.
Central Group is owned by the Chirathivat family, whose wealth is estimated at $11.6 billion according to Forbes. The group operates in various sectors, including retail, hotel and restaurant businesses based in Asia.
Central Group and Signa Holding continue to own leading names in the luxury department store sector. They acquired Rinascente in Italy in 2011, Illum in Denmark, KaDeWe, Oberpollinger and Alsterhaus in Germany in 2015, and Globus in Switzerland in 2020.
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Featured photo : ©Selfridges
