Saudi Arabia’s PIF has acquired a 40% stake in Selfridges, once held by Austria’s Signa.
- The acquisition marks a strengthening partnership between Central Group and Saudi’s Public Investment Fund.
- Central Group retains its majority stake, providing new investment opportunities for Selfridges.
- Selfridges operates 18 luxury department stores across the UK, Netherlands, and Ireland.
- The collaboration aims to enhance Selfridges Group’s financial stability and growth potential.
In a significant acquisition, Saudi Arabia’s Public Investment Fund (PIF) has purchased a 40% stake in Selfridges, taking over from the collapsed Austrian firm Signa. This transaction not only reshapes the ownership structure of the iconic department store but also underscores the growing relations between PIF and the Thai conglomerate, Central Group. With Central Group holding the majority 60% stake, both entities are poised to inject fresh capital into Selfridges, a move aimed at solidifying its financial standing and steering its growth trajectory in a positive direction.
The Saudi PIF, known for its strategic investments across the globe, has been associated with Selfridges for the past three years. Their involvement began with a 10% stake acquisition following a family auction by the Westons. This latest transaction amplifies their influence and positions them as a pivotal partner alongside Central Group, which earlier solidified its status as the principal shareholder in November of the previous year.
Selfridges Group’s portfolio is an extensive one, with its operational reach spanning 18 luxury department stores situated in the United Kingdom, the Netherlands, and Ireland. These include the prestigious Selfridges stores in the UK, alongside De Bijenkorf in the Netherlands and Brown Thomas and Arnotts in Ireland. The Central Group’s leadership has expressed optimism, highlighting the partnership’s commitment to leveraging their combined expertise in luxury retail, brand management, and innovative market strategies.
Tos Chirathivat, the executive chairman and chief executive of Central Group, remarked on the promising synergy between the two parties, stating, “Today, we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position.” He further accentuated the shared long-term vision of the shareholders, which is pivotal for Selfridges’ impending development phase. The assurance from both shareholders signifies a renewed focus on extending Selfridges’ market presence and enriching its stakeholder value.
The acquisition by Saudi Arabia’s PIF signifies a promising new chapter for Selfridges, reinforcing its financial and growth prospects.
