Recent financial reports reveal a stark contrast in Selfridges’ owner financial performance.
- Pre-tax losses have nearly doubled, reaching £340.3m from the previous year’s £126.2m by 3 February 2024.
- Sales nearly doubled as well, climbing 95% to £1.6bn, attributed to increased customer footfall.
- Ownership stakes shifted, with Central Group taking over Signa Group’s position in a joint venture.
- A new partnership with Saudi Arabia’s Public Investment Fund sees shared ownership of Selfridges Group.
The owner of the luxury department store Selfridges has reported a substantial increase in pre-tax losses, which have escalated to £340.3m up from £126.2m in the year prior, as of 3 February 2024. Despite this, the company has seen nearly a doubling in its full-year sales, surging by 95% to £1.6bn. This increase in revenue is largely attributed to a rise in customer numbers.
The financial figures were disclosed in the latest reports from Cambridge Retail Group Holding, controlled by the Thai conglomerate Central Group and Saudi Arabia’s Public Investment Fund. Apart from Selfridges, the company also owns Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands. Together, they employ 7,300 people as at February 2024, a reduction from the previous year’s total of 7,800 employees.
Amidst these financial challenges, the joint owner, Signa Group, which purchased Selfridges alongside Central Group for £4bn in 2022, had to bring in restructuring specialists to assist in raising funds. On 15 November 2023, Central Group took control over Signa Group’s share, and 11 months later announced a new collaboration with Saudi Arabia’s Public Investment Fund.
The newly formed alliance means that Central Group now holds a 60% stake, whereas Saudi Arabia’s Public Investment Fund possesses 40% in the Selfridges Group. This strategic partnership indicates a significant shift in the ownership dynamics of the luxury store group.
The financial dynamics of the Selfridges Group highlight a period of significant transition and reorganisation, with substantial losses despite increased sales.
