Saudi Arabia’s sovereign wealth fund has acquired a 40% stake in Selfridges.
- This stake was previously held by the collapsed Austrian firm Signa.
- Thailand’s Central Group remains the majority shareholder with 60%.
- New investments will bolster the retailer’s financial standing.
- Selfridges operates 18 luxury department stores across three countries.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has recently procured a significant 40% stake in the renowned department store Selfridges. This decision follows the previous ownership by the Austrian firm Signa, which has since collapsed.
The majority control of Selfridges remains with Thailand’s Central Group, which retains a 60% share. Central Group has expressed that this transaction will introduce new investments aimed at reinforcing the financial foundation and stimulating future growth of Selfridges.
Over the past three years, PIF has served as a private financial supporter of Selfridges. This stems from an auction process led by the Weston family, during which PIF initially acquired a 10% stake in the business.
The Selfridges Group is an expansive operation, managing 18 luxury department stores across multiple countries, including Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
Tos Chirathivat, the executive chairman and chief executive of Central Group, expressed enthusiasm about the partnership with PIF. He stated, ‘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.’ Chirathivat further articulated the shared long-term vision for Selfridges, indicating confidence in PIF’s global investment prowess combined with Central Group’s retail expertise.
The collaboration between Saudi Arabia’s PIF and Thailand’s Central Group represents a strategic enhancement of Selfridges’ financial and operational dynamics.
