Thailand’s Central retail group, Signa to buy Selfridges

Bangkok, Dec. 24 (BNA) Thai Central Group and Austrian real estate group Signa said on Friday they intend to buy British luxury retailer Selfridges.

The Associated Press (AP) reports that the deal, which is said to be worth 4 billion pounds ($5.4 billion), adds to Central’s suite of luxury retailers that includes Italy’s Rinascente, Denmark’s Illum, Switzerland’s Globus and The KaDeWe group in Germany.

Selfridges was founded in 1908 by Harry Gordon Selfridge and is run by the family of Canadian billionaire Weston. The group owns 18 department stores including a historic property in London’s Oxford Street shopping district.

Central is the flagship retail store of the family of Thai billionaire Chirativat. Selfridges is a great keepsake as it is expanding globally from its base in Thailand, where the retail group owns several stores and malls.

“We look forward to working with the management teams and colleagues of the Selfridges Group as we strive to create a world-leading luxury retail company,” said Tos Chirativat, CEO and CEO of Central, in a statement.

Signa Holding was founded by Austrian real estate investor Rene Benko. In 2019, it joined with RFR Holding to purchase the iconic Chrysler Building in New York City.

W. Galen Weston acquired Selfridges in 2003. The company was put up for sale posthumously in April.

His daughter, Alana Weston, chairman of Selfridges Group, said the sale was a “successful realization of my father’s vision of an iconic collection of truly beautiful and experimental department stores.”

The acquisition took months of negotiations and is subject to regulatory approvals.

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