Saudi Arabia acquires 40% stake in Selfridges
Following the acquisition, Central Group will own a 60% stake in the department store, while PIF will hold 40% of both Selfridges Group’s operating and property companies
Saudi Arabia’s Public Investment Fund has acquired a 40% stake in Selfridges after purchasing the shares previously held by collapsed Austrian firm Signa. Following the acquisition, Central Group will own a 60% stake in the department store, while PIF will hold 40% of both Selfridges Group’s operating and property companies.
The deal includes new investment by both Central and PIF to strengthen Selfridges Group’s financial position and support its future development.
Turqi Al-Nowaiser, deputy governor and head of International Investments Division at PIF, said: “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.”
Tos Chirathivat, executive chairman and CEO of Central Group, added: “We became the majority shareholder in Selfridges Group’s operating company in November last year. Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position.
“The group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders. PIF is Central’s partner of choice in this distinguished company and we are confident that PIF’s proven global track record of investments, combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders.”
It was first reported that Saudi Arabia’s PIF was considering a stake in the group earlier this year.
Reports came as the collapse of Austrian co-owner Signa left Thailand’s Central Group searching for a new partner.
It had also been previously reported that Central Group was interested in buying out Signa’s remaining stake in the department store chain with another partner.
Signa acquired Selfridges back in 2021 for £4bn but called in restructuring experts last November before filing for insolvency amid a cash crunch.
Following Signa’s turmoil, Central moved to seize control of the operating business, converting a £317m loan into a majority stake in the retailer.
