- Central Group will own 60% of Selfridges Group after buyout of Signa Group’s interest by PIF, which will own 40%
- Deal to boost Selfridges Group position as an iconic luxury retailer
Central Group, a family-owned retail, real estate and hospitality conglomerate has announced today its new partnership with PIF following PIF’s total buyout of Signa Group’s interest in Selfridges Group. Completion of the transaction is subject to customary approvals.
Under this new partnership, Central Group will own a 60% stake, 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 the group’s future development.
Selfridges Group owns and operates 18 luxury department stores in 3 countries: Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. The portfolio includes the iconic properties at Selfridges Oxford Street in London and Selfridges on Manchester’s Exchange Square.
The new partnership, built on the solid foundations of a shared vision, investment expertise and industry knowledge, aims to amplify Selfridges Group’s potential, strengthening its position as one of Europe’s leading luxury retail destinations.
Tos Chirathivat, Executive Chairman and Chief Executive Officer of Central Group, said “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.”
Central Group began its investment in Selfridges Group in 2022 and has propelled the business towards continuous growth. Notable developments include the recent makeover of the Selfridges Beauty Hall on Oxford Street into the "Beauty Destination of the Future", seamlessly blending innovative and cutting-edge services with luxury. Additionally, major renovations have been completed on the ground floor of Brown Thomas in Dublin and in the men’s department of de Bijenkorf in Amsterdam, expanding the luxury retail space to better accommodate the sophisticated lifestyle of celebrities and brand enthusiasts. In the past year, Selfridges Group generated sales of over £2,800 million, equivalent to over 125,000 million Baht.
Central Group’s European luxury department store portfolio currently comprises 40 stores, located in 34 major tourist cities across 7 countries.* The most recent developments are as follows:
- July 2024: Acquisition of the iconic KaDeWe property in Berlin from Signa Prime Selection AG, transitioning from tenant to property owner. Central Group concurrently acquired assets of the KaDeWe Group and established a new entity, KaDeWe GmbH. This makes Central Group the sole owner and operator of three most prestigious luxury department stores in Germany: KaDeWe in Berlin, Oberpollinger in Munich, and Alsterhaus in Hamburg.
- August 2024: Execution of an agreement to acquire the entire operating business of all 9 Globus department stores in Switzerland (while maintaining a 50% stake in the property company that owns the Globus real estate portfolio).
- September 2024: Central Group, in partnership with PIF, the sovereign wealth fund of Saudi Arabia, entered into an agreement to acquire the entire Selfridges Group business from its former shareholder, Signa Group, comprising the operating and the property companies. Central Group will hold a 60% stake, while PIF will hold the remaining 40% in both companies previously owned by Signa. Completion of the transaction is subject to customary approvals.
*Remark
Central Group's European operations currently span 7 countries. The investments in 6 of these countries are private investments by Central Group, not affiliated with Central Retail Corporation Public Company Limited (CRC) and Central Pattana Public Company Limited (CPN):
- United Kingdom: Selfridges
- The Netherlands: de Bijenkorf
- Ireland: Brown Thomas and Arnotts
- Germany: KaDeWe (Berlin), Oberpollinger (Munich), Alsterhaus (Hamburg)
- Denmark: Illum
- Switzerland: Globus
The investments in Italy, however, are structured as follows:
- Central Retail Corporation Public Company Limited (CRC) owns 100% of the operating company that manages all 9 Rinascente stores.
- Central Group independently owns 100% of the property company that owns and manages the real estate and buildings for two Rinascente locations:
- Rome Tritone branch
- Turin branch
About PIF
PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment. As a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future. Since 2017, PIF has established 95 companies and injects at least SAR 150 billion, or over 1.5 trillion Baht, into the local economy each year. Through strategic investments and partnerships across the Saudi public and private sector, PIF is driving the transition to a more sustainable economy and laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
