The joint venture deal between Thailand’s Central Group and Austria-based Signa Group to acquire UK luxury retailer Selfridges has received approval from the European Commission. Despite the UK’s exit from the EU, the deal fell under European authorities’ purview due to Selfridges’ operations in Europe and the presence of both new owners in the region. The European Commission noted that the companies involved have minimal overlaps in their activities as they operate in different geographic markets.
Central Group and Signa Group joined forces last year to bid for Selfridges and emerged as the winners, securing 18 luxury department stores for roughly £4 billion. This marked the end of the Weston family’s ownership, although they still retain control of the group’s Canadian Holt Renfrew retail business. Alongside the UK-based Selfridges chain, the deal also included several EU-based retailers such as Brown Thomas and Arnott’s in Ireland, as well as De Bijenkorf in the Netherlands.
Central and Signa already have established European department store businesses, including La Rinascente in Italy, Illum in Denmark, Globus in Switzerland, and the German KaDeWe Group. The acquisition of Selfridges further strengthens their presence in Europe’s luxury retail market.
The European Commission’s clearance of this buyout deal demonstrates its confidence in the merger’s compliance with rules and the absence of significant competition concerns. As a result, the acquisition of Selfridges by Central Group and Signa Group is set to proceed, opening up opportunities for further expansion and growth in the European luxury retail sector.
Useful links:
1. Selfridges Official Website
2. European Commission Official Website
