Central Group, the Thailand-based company that recently acquired Selfridges, has revealed its strategy for its global luxury department store operations. The company aims to boost its European presence and expand its relationships with luxury brands. One of its key focuses is on developing Selfridges properties, making better use of underutilized space in the flagship store in London. This move is expected to improve the overall shopping experience for customers.
However, Central Group’s plans extend beyond Selfridges. It has set aside around €1.3 billion to invest in Europe over the next five years, with a strong emphasis on opening new stores, upgrading existing ones, and expanding its e-commerce operations. The majority of this investment, approximately €900 million, will be used to open new department stores in Switzerland, Austria, and Germany. Additionally, the company is revamping the Rinascente store in Turin, Italy. These ambitious projects highlight Central Group’s commitment to establishing a strong presence in the European luxury retail sector.
Central Group also aims to collaborate closely with luxury conglomerates such as LVMH, Kering, and Richemont to enhance its luxury offering. By partnering with these prestigious brands, the company aims to create exceptional shopping experiences for its customers.
In addition to expanding its physical presence, Central Group is focusing on strengthening its e-commerce operations. It aims to position itself as a leading e-tail platform and a key partner for luxury brands. As part of this strategy, it plans to expand Selfridges.com globally, targeting markets in the UK, Ireland, mainland Europe, and Asia. By tapping into the luxury-focused consumer group in Asia, Central Group aims to significantly increase its e-commerce sales.
Currently, e-commerce accounts for €1 billion, or 17% of the wider group’s sales across Europe. With its new strategy, Central Group aims to achieve rapid growth from this starting point. Overall, the company projects that its combined department store sales will reach €6.7 billion this year.
Central Group’s portfolio now includes several prominent department stores, such as Selfridges, De Bijenkorf, Brown Thomas, Arnotts, Rinascente, Illum, and KaDeWe. With a presence in 11 countries and 120 locations, Central Group’s department store business has established itself as the largest international presence in the world.
Tos Chirathivat, the CEO of Central Group, expressed his pride in the department store business’s achievement and reiterated the company’s dedication to providing exceptional luxury retail experiences to customers globally.
With its investments in European operations and its partnerships with luxury brands, Central Group aims to become a dominant player in the global luxury retail sector. The company’s strategic plans position it well to enhance the luxury shopping landscape and deliver unparalleled experiences to its discerning customers.
For more information on Central Group’s strategy, you can visit their website [\here\].
To explore the luxury brands Central Group collaborates with, you can visit their website [\here\].
