Thai and Austrian firms to buy UK department store Selfridges

Thai retail group Central Group and Austrian real estate firm Signa will buy UK luxury department store Selfridges, both companies announced.

In July, the Canadian Weston family announced the listing of the historic British chain for a price of 4 billion pounds (US $ 5.5 billion), according to press reports.

Central Group y Signa “have obtained a definitive agreement to acquire Selfridges Group“Said both companies in a statement, without specifying the final price of the operation.

“As family businesses, Central and Signa will focus on offering an exceptional and inclusive store and digital experiences for both local residents and foreign visitors.“Central CEO Tos Chirathivat said in a statement.

This group is run by the millionaire Thai family and owns numerous shopping centers, electronics stores, food and restaurants throughout the country.

The firm is expanding internationally by purchasing or recently partnering with luxury firms from Italy, Germany or Switzerland.

Founded in the United Kingdom at the beginning of the 20th century by the American Harry Gordon Selfridge, the British luxury chain has its most famous store on Oxford Street, London’s main commercial artery.

The Weston family bought the firm in 2003 and also owns a majority of the capital of the British group Associated British Foods, the parent company of Primark clothing stores.

The operation covers 18 stores in London, Manchester, Birmingham, in Bijenkorf (Holland) and in Brown Thomas (Ireland).

“I am proud to pass the baton to the new owners, who are family businesses with a long-term vision”Said Selfridges Group President Alannah Weston.