Central Group and Signa Holding have announced their official acquisition of Selfridges Group from the Weston family. This acquisition marks a significant move in the luxury department store sector, as Central and Signa aim to create one of the world’s leading omnichannel luxury department store groups. The partnership between the two companies, who already jointly own KaDeWe and Globus, will see heavy investments in all of the group’s stores in the UK, the Netherlands, and Ireland, as well as the development of the adjacent site to the Oxford Street store.
The acquisition includes 18 department stores, such as Selfridges in London, Manchester, and Birmingham, de Bijenkorf in the Netherlands, Brown Thomas, and Arnotts in Ireland. It also encompasses the associated e-commerce platforms and properties in London, Manchester, and five locations in Ireland. However, the Canadian Holt Renfrew operation is not included in the deal, as the Weston family will retain ownership.
While the purchase price has not been disclosed, industry sources estimate it to be around £4 billion, aligning with previous predictions. Selfridges Group will join Central and Signa’s portfolio of luxury department stores, which already includes La Rinascente in Italy, Illum in Denmark, Globus in Switzerland, and the German KaDeWe Group. With a pro-forma annual turnover of €5 billion in 2019, the combined portfolio is projected to achieve over €7 billion by 2024.
The new owners are determined to leverage the collective expertise within the group, encouraging innovation, know-how, and knowledge-sharing across different locations. The existing leadership teams of all the stores will continue to manage their respective locations.
Tos Chirathivat, the Executive Chairman and CEO of Central Group, expressed excitement over the acquisition and stressed their commitment to delivering outstanding store and digital experiences. He emphasized the group’s dedication to ensuring a bright future for all stores, focusing on providing exceptional experiences for local residents and international visitors.
Dieter Berninghaus, Chairman of the Executive Board of Signa, stated that the joint venture will work with renowned architects to transform the stores into sustainable and energy-efficient spaces while preserving their architectural and cultural heritage. The aim is to fulfill the vision of the late Galen Weston and create a high-quality retail environment for customers and brand partners.
Anne Pitcher, Global Managing Director of Selfridges Group, highlighted the company’s strong relationships with brand partners, the growth of their e-commerce platforms, and their sustainability initiatives. She positioned the group as a leader in reinventing retail.
Galen Weston, who acquired Selfridges in 2003 and formed Selfridges Group in 2010, played a significant role in establishing the company as a major player in international department store retail. Working closely with his daughter Alannah Weston, he built upon the foundations laid by previous leadership and propelled Selfridges and the wider group to success.
With the completion of the acquisition, Central Group and Signa Holding are set to reshape and elevate the luxury department store landscape. Leveraging their collective expertise, resources, and commitment to exceptional customer experiences, they are poised to create one of the world’s leading omnichannel luxury department store groups.
Useful links:
1. Selfridges Online Store
2. Central Group Official Website
