Prestigious Selfridges department stores sold for £ 4 billion

(London) Selfridges, one of the most luxurious and famous department store chains in the world, will pass under the Thai and Austrian flag, sold by the wealthy Canadian family Weston for 4 billion pounds to Central Group and Signa.

A source familiar with the matter confirmed that the amount of the transaction, which was not officially disclosed, was around 4 billion pounds (6.87 billion Canadian dollars).

Selfridges has 25 stores around the world, the most famous and largest of which is located on Oxford Street, London’s most important commercial thoroughfare.

The operation involves 18 sites, including stores in Manchester and Birmingham, as well as the Bijenkorf banners in the Netherlands, and Brown Thomas and Arnotts in Ireland.

The Weston family, which bought the brand in 2003 for 598 million pounds (approximately 1.027 billion Canadian dollars), retains its 7 Canadian Holt Renfrew stores.

It also holds a majority stake in the British group Associated British Foods, the parent company of low-cost clothing stores Primark.

Selfridges Group President Alannah Weston said she was “proud to hand over to new owners who are family businesses with a long-term vision.” She trusts them to lead our “incredible team further and further”.

Selfridges, founded in the United Kingdom at the beginning of the 20^e century by the American Harry Gordon Selfridge, had revolutionized the world of distribution, by showcasing products in particular in sophisticated windows, and making department stores attractive places to live, where there were restaurants, works of art. art and shows.

In 2003, artist Spencer Tunick exhibited his ‘body sculpture’: hundreds of naked people – including Selfridges employees – standing on escalators, and in 2012, Japanese superstar Yayoi Kusama exhibited one of his red creations with polka dots on the front.

Suffragettes and boats on the roof

The same year a mini-pond for boating was installed on the roof, which had been transformed another year into a mini-golf course.

Harry Gordon Selfridge had also displayed in his stores his support for “suffragettes”, this social movement for the defense of women’s rights from the beginning of the 20th century.^e century. The brand has also supported environmental NGOs such as Project Ocean.

Like most UK businesses, Selfridges has suffered from disaffection in recent years from customers increasingly interested in online shopping.

This trend has accelerated with the COVID-19 pandemic, which led it last July to announce the loss of 450 jobs, 14% of its workforce.

Selfridges had recently launched a second-hand clothing or ready-to-wear rental service to give itself a more “environmental” image, and more recently garden centers in its stores.

Its competitor John Lewis also wants to develop the second hand, knowing that the image of the world of fashion and luxury suffers more and more from its very harmful impact on the environment.

“Together, we will work with the world’s greatest architects to sensitively re-imagine the stores at each site, transforming these iconic destinations into sustainable, energy-efficient and modern spaces, while remaining true to their architectural and cultural heritage,” said said Dieter Berninghaus, Chairman of the Executive Board of Signa.

“As family businesses, Central and Signa will focus on delivering exceptional and inclusive experiences in-store and online,” said Tos Chirathivat, Managing Director of Central.

Central is owned by the Chirathivat family, whose fortune amounts to $ 11.6 billion according to Forbes, and includes numerous malls, electronics stores and mini markets throughout the kingdom, and in Asia.

In recent years, the group has grown considerably in Europe where it already has, in partnership with Signa, luxury stores in Italy, Germany, Switzerland and Denmark.

Founded in 1999, Signa, headquartered in Innsbruck, Tyrol, is primarily active in real estate, but has also branched out more recently into commerce and media. Signa Sports United, listed on the New York Stock Exchange, is a world leader in online sports commerce.