Thai and Austrian companies buy Selfridges in the UK

This content was published on Dec 24, 2021 – 7:25
December 24, 2021 – 07:25

(AFP)

Thai retailer Central Group and Austrian real estate firm Signa have announced the purchase of UK luxury department store Selfridges, the two companies announced on Friday.

Last July, the Canadian Weston family announced the sale of the historic British chain at a price of 4 billion pounds ($5.5 billion), according to press reports.

The two companies said in a statement, without specifying the final price of the deal, that “Central Group” and “Cigna” “received a definitive agreement to acquire Selfridges Group.”

“As family businesses, Central and Cigna will focus on providing exceptional, one-stop shop and digital experiences for both local residents and foreign visitors,” said Tos Chirativat, CEO of Central, in a statement.

This group is run by a Thai millionaire family and owns several shopping malls, electronics stores, food and restaurants across the country.

The company is expanding internationally by acquiring or recently partnering with luxury companies from Italy, Germany or Switzerland.

Founded in the United Kingdom at the beginning of the 20th century by American Harry Gordon Selfridge, the British luxury department store chain has its most famous store on Oxford Street, London’s main commercial artery.

The Weston family bought the company in 2003 and also owns the majority of the capital of the British group Associated British Foods, the parent company of clothing stores Primark.

The operation covers 18 stores in London, Manchester, Birmingham, Begenkorf (Netherlands) and Brown Thomas (Ireland).

“I am proud to hand the job over to the new owners, who are family businesses with a long-term vision,” said Selfridges Group President Alana Weston.