Thailand’s Central Group has firmly denied rumors that it is currently in talks to acquire the iconic British department store, Selfridges. However, industry insiders suggest that Central Group could still emerge as the eventual buyer. The speculation around Selfridges’ potential sale began earlier this year when the Weston family, the current owners, received an unsolicited approach from an undisclosed buyer.
Several potential buyers have been linked to Selfridges, including Hong Kong-based Lane Crawford and the Qatar Investment Authority, which famously owns Harrods. However, the most recent report from The Times suggests that Central Group, the owner of Italy’s La Rinascente, is now leading the race to acquire Selfridges. Sources suggest that the terms of the deal have already been agreed upon, with an estimated value of around £4 billion. It is anticipated that the deal could be finalized by the end of this month.
Selfridges, founded in 1908 as a single department store on Oxford Street, has since expanded to include 25 locations worldwide, including well-known names such as Brown Thomas and Arnotts in Dublin, De Bijenkorf in the Netherlands, and Holt Renfrew in Canada. For most of this century, the Weston family has been the majority owner of the business.
Central Group is a prominent figure in the retail industry, operating a staggering 3,700 shops globally. In addition to department stores, the company also owns various specialized retailers, including La Rinascente. This connection could bring an interesting dynamic to the potential deal, as Vittoria Radice, vice-chairman of La Rinascente, previously served as the CEO of Selfridges from 1996 to 2003. Radice’s time at Selfridges saw the transformation of the store into one of the world’s leading luxury department store brands. Following her departure from Selfridges, Radice worked at M&S before joining La Rinascente in 2006.
Although the exact purchase price for the potential deal remains undisclosed, reports suggest that the £4 billion price tag includes Selfridges’ valuable property assets, which alone are valued at £2 billion. Neither Selfridges nor Central Group have commented on the matter, further adding to the speculation surrounding this possible acquisition.
For more information on this topic, you can refer to The Times article and La Rinascente’s official website.
