Selfridges has a new shareholder after Saudi Arabia’s sovereign wealth fund snapped up the stake once held by the collapsed Austrian firm Signa.
The Saudi Public Investment Fund (PIF) will own 40% of Selfridges following the transaction, while Thailand’s Central Group will hold 60%.
Central Group said the deal includes new investment from both firms to strengthen the retail group’s financial position and support its future development.
Saudi’s PIF has been a private financial backer of Selfridges for three years, following an auction by the Weston family which saw it take a 10% stake.
Selfridges Group owns and operates 18 luxury department stores in three countries: Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.
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The portfolio also includes the properties at Selfridges Oxford Street in London and its store on Manchester’s Exchange Square.
Central Group executive chairman and chief executive Tos Chirathivat 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.”
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