Saudi Arabia’s sovereign wealth fund, PIF, has acquired a significant stake in Selfridges.
- The acquisition involves a 40% share previously held by Austria’s Signa.
- Thailand’s Central Group remains the majority stakeholder with 60%.
- The investment aims to enhance Selfridges’ financial stability and future growth.
- The transaction reflects a strategic partnership between PIF and Central Group.
In a significant financial move, Saudi Arabia’s Public Investment Fund (PIF) has purchased a 40% stake in the luxury department store chain Selfridges. This stake was previously held by the now-defunct Austrian firm Signa. This acquisition aligns with PIF’s ongoing investment strategy in global retail markets, showcasing its commitment to diversifying its portfolio.
Thailand’s Central Group retains the majority shareholding with 60% of the company. The deal is set to involve new capital injections from both PIF and Central Group, aimed at strengthening Selfridges’ financial positioning and supporting its expansive growth strategy. Central Group’s executive, Tos Chirathivat, emphasised the collective vision shared by both partners, which will undoubtedly pave the way for future development.
Selfridges Group, which operates 18 luxury department stores across the United Kingdom, the Netherlands, and Ireland, stands to benefit enormously from this strategic partnership. With the involvement of Saudi Arabia’s PIF, which has been a financial supporter for three years, the group is poised for enhanced stability and growth prospects.
The strategic acquisition underscores PIF’s goal of leveraging its investment acumen alongside Central Group’s retail expertise to ensure Selfridges continues to thrive amidst the competitive landscape of luxury retail. “PIF is Central’s partner of choice in this distinguished company, and we are confident that PIF’s proven global track record of investments combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders,” stated Tos Chirathivat.
The acquisition by Saudi Arabia’s sovereign wealth fund marks a new chapter of development and stability for Selfridges.
