Saudi Arabia’s Public Investment Fund forms a strategic alliance with Central Group.
- Central Group acquires a 60% majority stake in Selfridges Group.
- Saudi Arabia’s Public Investment Fund holds a 40% stake alongside Central Group.
- The acquisition aims to bolster Selfridges’ financial stability and growth prospects.
- The deal marks a pivotal moment in Selfridges Group’s ownership and future expansion.
Saudi Arabia’s Public Investment Fund has entered into a strategic partnership with Thailand’s Central Group to acquire a significant stake in the Selfridges Group. This partnership comes as part of a deal that sees Central Group obtaining a 60% majority stake, while the Public Investment Fund holds a 40% stake. Central Group expressed confidence in the collaboration, anticipating positive impacts on Selfridges’ financial health and its capacity for future development.
The agreement stipulates that both entities will contribute new investments designed to reinforce Selfridges’ financial position. Central Group, previously a joint buyer of Selfridges alongside Signa Group for £4 billion in 2022, now fortifies its role as a majority shareholder. This move aligns with efforts to confront and mitigate challenges faced by Selfridges, especially considering Signa’s recent financial difficulties.
Tos Chirathivat, Central Group’s executive chairman and CEO, highlighted the synergy between Central Group and the Public Investment Fund, noting that their combined expertise in luxury retail management and investment will drive growth. He stated, ‘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.’
This acquisition is not just a change in ownership; it is perceived as a crucial step towards securing the long-term viability and expansion of Selfridges. The partnership is viewed as an opportunity to enhance the retail industry standards and contribute positively to all involved parties.
The strategic acquisition by Central Group and Saudi Arabia’s Public Investment Fund signifies a promising trajectory for Selfridges Group’s future growth and stability.
