Saudi Arabia's Public Investment Fund (PIF) has acquired a 40% stake in Selfridges, taking over the share previously held by the now-collapsed Austrian firm Signa. Thailand's Central Group retains a 60% stake following this transaction. The partnership aims to bolster the financial stability of the retail group and support its future growth initiatives.
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PIF has been a private investor in Selfridges for three years, initially acquiring a 10% stake during an auction by the Weston family. Selfridges Group operates 18 luxury department stores across three countries, including Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. Notable locations include the flagship Selfridges store on Oxford Street in London and the Manchester Exchange Square outlet.
The combination of PIF's global investment experience with Central Group's expertise in luxury retail and brand management is expected to drive continued growth and success for Selfridges Group, benefiting all stakeholders involved.
Source: www.retailgazette.co.uk