Thai retail conglomerate Central Group and Austrian real estate company Signa Group have completed the acquisition of the luxury retailer, Selfridges Group, from the Weston Family, according to reports from foreign news sites.
The deal was officially announced late last year, stating that Central Group had entered into a sales and purchase agreement with the Canadian wing of the billionaire Weston family to acquire Selfridges Group, an operators of 18 international department stores, including a high-end department store Selfridges in London, de Bijenkorf in Netherland, Brown Thomas and Arnotts in Ireland.
The Thai conglomerate Central Group will join an Austrian real estate company Signa Group to hold a 50/50 shareholding in Selfridges Group. The objective of this investment is not only an acquisition of department stores, but also an investment in property and e-Commerce platforms as well. Moreover, the partnership with Signa Group will give the opportunity for an exchange in know-how, innovation and strengthen the bond between world’s leading brands, taking the group into the global stage.
Current Managing Director of Selfridges Group, Anne Pitcher, is expected to resign from her role at the end of the year following the deal’s closure.
The total value of this deal is US$5.37 billion, according to the report.