The Weston family sells Selfridges to Thai-Austrian firms for £4 billion
Baaghi TV: The luxury retail brand Selfridges is sold to a an Austrian real estate business and a Thai firm which will add to the recipients thousand-fold strong property portfolio.
The original owners of retail group Selfridges, the Weston family has sold its luxury brand to a property-management company the Signa Holding and a retailer group, The Central Group.
The Central Group revealed on Friday that the new acquisition will undoubtedly “create one of the world’s leading omni-channel luxury department store groups”.
According to BBC’s reports, the Selfridges was sold at a sum of £4 billion and the complete property portfolio covered by Selfridges incorporates 18 departmental stores across the Netherlands, Ireland and England.
As a combined property the Selfridges, Signa and Central groups will cover departmental stores including Illum in Denmark, Rinascente in Italy, KaDeWe Group in Germany and Austria and Globus in Switzerland.
Harry Gordon Selfridge was the founder of Selfridges in 1908 and was bought under the Oxford flagship by W Galen Weston in 2003 who later formed the Selfridges Group in 2010.
The chairman of Selfridges along with Weston’s surviving daughter, Alannah Weston claimed that the acquisition was “testament to the successful realisation of my father’s vision for an iconic group of beautiful, truly experiential, department stores”
Alannah Weston expressed that, “I am proud to pass the baton to the new owners who are family businesses that take a long-term view. I know they will fully embrace that vision and continue to empower our incredible team to take the Group from strength to strength.”
Thailand’s first departmental store was opened by The Central Group in 1956 and possesses nearly 3,700 stores worldwide whereas Signa Group, founded in 2000 is Austria’s most widespread private real estate group.
On addition of the Selfridges to their portfolios, the Chief Executive of The Central Group, Tos Chirathivat was “privileged” to acquire the new asset saying, “We can give all the stores in Selfridges Group a bright future for the next 100 years.”
On the other hand, Signa’s chairman Dieter Berninghaus expressed his aim to maintain the legacy of Selfridges stating, “We plan to fulfil the vision of the late Galen Weston to deliver his masterplan and create a high-quality experience retailing environment for our customers and brand partners.”
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