After speculations about a possible sale of the British retailer Selfridges & Co. before the end of the year, which began a good six months ago, it has now been officially confirmed that the Central Group and Signa Selfridges will each take over 50 percent of the Canadian entrepreneurial family Weston .
The Central Group is a family-owned group from Thailand and Signa active in the retail, real estate and hotel industries, one of the most important real estate and retail groups in Europe.
“The takeover of the Selfridges Group by the Central Group and Signa is a promise to successfully implement my father’s vision for the prestigious group of beautiful, truly experience-oriented department stores. Creative thinking has been the focus of our work together for almost 20 years, and awareness of sustainability is deeply anchored in our company, “said Alannah Weston, Chairwoman of the Selfridges Group, in a press release on Thursday evening.
Weston sells Selfridges to Central and Signa
“I am proud to pass the baton on to the new owners, who are family-run businesses with a long-term perspective. I am sure they will continue our vision and support our excellent team in taking the group to unprecedented heights, ”added Weston.
The takeover will create one of the leading luxury department store groups in the world, as the Selfridges Group will become part of the network of luxury department stores from Central and Signa, which already includes the KaDeWe Group, Rinascente in Italy, Illum in Denmark and Globus in Switzerland. The Selfridges Group owns 18 well-known luxury department stores, including the Selfridges stores in London, Manchester and Birmingham, de Bijenkorf in the Netherlands and Brown Thomas Arnotts in Ireland.
“We are very honored to take over the Selfridges Group, including the flagship store on Oxford Street. For over 100 years it has been the center of London’s most famous shopping street. As a family-run company, Central and Signa will focus on offering the local population as well as all international visitors: inside extraordinary and unique shopping experiences. Together we will ensure that all Selfridges Group department stores have a bright future for the next 100 years. We look forward to working with the management teams and employees of the Selfridges Group, with whom we will create the world’s leading luxury department store group, ”said Tos Chirathivat, Central’s Executive Chairman and CEO.
Sales of the luxury department store group are expected to rise to 7 billion euros
The turnover of the new, combined department store portfolio amounted to 5 billion euros in 2019 and is expected to grow to more than 7 billion euros by 2024. As a result of the merger, all locations should benefit from the know-how transfer and the innovative strength of the group. Central and Signa will also integrate all of the Selfridges Group’s e-commerce platforms in order to develop them into a leading international digital and omnichannel platform.
In addition, Signa and Central will also take over all properties of the Selfridges Group such as the unique location on Oxford Street in London, the building in Manchester and five other locations in Ireland. Signa and Central assured that “the existing, successful Selfridges management team will continue to lead the Selfridges Group and its subsidiaries”.
“We are delighted to be taking over the Selfridges Group together with Central as a partner. Together with world-leading designers and architects, we will innovatively develop the outstanding department stores at all locations and create the most modern, sustainable omnichannel worlds of experience for our customers. We will continue the vision of the late Galen Weston, realize his master plan for a leading global luxury department store group and also lead the legendary Oxford Street location, including hotel development, into the next generation, ”confirmed Dieter Berninghaus, Chairman of the Executive Board of Signa.
W. Galen Weston, who died in April of this year, acquired the famous Selfridges department store in 2003. In 2010 he founded the Selfridges Group, merged his four traditional department store brands under one roof and continuously invested in the expansion of unique adventure department stores and development. and expansion of the e-commerce and omnichannel platforms. Two years ago he handed over management of the group to his daughter Alannah.
The companies involved expect the transaction to be completed after regulatory approvals and other customary conditions have been met; a specific time frame has not yet been given.