Rumors are swirling that Thailand-based Central Group is close to acquiring Selfridges, despite the company denying any acquisition plans. UK press reports suggest that a deal worth £4 billion is on the verge of being finalized, with an announcement expected soon. Central Group is rumored to be partnering with Austria’s Signa Group for the takeover, and all parties involved are eager to complete the transaction before the New Year.
Selfridges is currently owned by Canada’s Weston family and operates 25 stores worldwide. The family purchased the luxury department store business for £598 million in 2003. Central Group, led by the billionaire Chirathivat family, has existing business ties with Signa. In 2020, the two companies collaborated to acquire the Swiss department stores chain Globus. Signa, controlled by founder René Benko, brings extensive real estate expertise to the potential Selfridges takeover.
According to The Times, the structure of the Selfridges deal is similar to the Globus acquisition, with £2 billion of the purchase price dependent on the value of Selfridges’ properties. Signa’s involvement is significant due to its real estate knowledge. In addition to Selfridges, Signa and Central Group co-own Berlin-based KaDeWe. When combined with Central Group’s operations in Thailand and ownership of Italy’s La Rinascente, the new owners would become a dominant force in the global department store retail sector.
The role of former Selfridges CEO and current La Rinascente boss Vittorio Radice post-takeover is uncertain. However, he reportedly played a crucial part in the deal. Anne Pitcher, the managing director of Selfridges, is expected to retain an important role within the company.
Official statements regarding the potential acquisition have not been released. Central Group denied the initial rumors a few weeks ago, and further updates on the situation are eagerly anticipated.
Useful links:
– Central Group
– Selfridges
