The Weston family has sold the posh retail group Selfridges to property company Signa Holding and retailer Central Group. A statement released on Friday by Central Group said the acquisition would “create one of the world’s leading Omni-channel luxury emporium groups”.
The sale was made for £4 billion, according to a BBC report.
In 2003, the Weston family’s Canadian wing purchased Selfridges for about £600 million.
The Selfridges portfolio includes 18 department shops across England, the Netherlands, and Ireland. They will become a part of the combined Central and Signa portfolio of department shops which incorporates Rinascente in Italy, Illum in Denmark, Globus in Switzerland, and therefore the KaDeWe Group in Germany and Austria.
Selfridges was founded by Harry Gordon Selfridge in 1908. W Galen Weston bought the flagship Oxford Street Selfridge store in 2003 and formed the Selfridges Group in 2010.
Selfridges Group chairman and W Galen Weston’s surviving daughter, Alannah Weston said the acquisition was “testament to the successful realization of my father’s vision for an iconic group of beautiful, truly experiential, department stores”.
“Creative thinking has been at the guts of everything we did together for nearly twenty years and sustainability is deeply embedded within the business.
“I am proud to pass the baton to the new owners who are family businesses that take a long-term view.
“I know they’re going to fully embrace that vision and still empower our incredible team to require the Group from strength to strength.
The Central Group opened Thailand’s first emporium in 1956 and now has roughly 3,700 stores around the world. Chief executive Tos Chirathivat said it had been a “privilege” to form the deal.
“As family businesses, Central and Signa will specialize in delivering exceptional and inclusive store and digital experiences for both local residents and overseas visitors alike, to make sure we will give all the stores in Selfridges a bright future for the next 100 years.”
Signa Holding was founded in 2000 and is Austria’s largest privately owned land company.
Dieter Berninghaus, Signa’s executive board chairman, said: “Together we’ll work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into sustainable, energy-efficient, modern spaces, whilst staying faithful to their architectural and cultural heritage.
“We plan to fulfill the vision of the late Galen Weston to deliver his master plan and create a high-quality experience retailing environment for our customers and brand partners.”
Know about Selfridges
Selfridges, sometimes known as Selfridges & Co., is a high-end department store chain in the United Kingdom owned by the Canadian company Selfridges Retail Limited, which is part of the Selfridges Group. Harry Gordon Selfridge launched the store in 1908.
The flagship store on London’s Oxford Street, which opened on March 15, 1909, is the UK’s second-largest store (after Harrods). Other Selfridges stores opened at Manchester’s Trafford Centre (1998) and Exchange Square (2002), as well as Birmingham’s Bullring (2003).
The Selfridges Group, which was founded in 1908, employs 10,000 employees and operates 25 locations across the globe, including major cities in England, Ireland, the Netherlands, and Canada.