Central Group has made an official announcement on December 24, 2021, on entering 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 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 knowhow, innovation and strengthen the bond between world’s leading brands, taking the group into the global stage.
In the meantime, Central Retail Corporation Public Company Limited (SET: CRC) stated that the company will thoroughly consider whether it will invest in the department store business in the Selfridges Group, excluding the property portion (investment will be only in the operating companies), taking into account the appropriateness, the return on investment and the benefits to the company.
Prior to the official announcement, the deal is estimated to be worth £4 billion (approx. THB179 billion).