The iconic retail group Selfridges sells for more than $ 5 billion in Business and Economy

Central group and Signa will jointly own the chain that includes Selfridges, Arnotts and Brown Thomas stores.

The multi-millionaire dynasty behind Selfridges & Co. has sold its UK retailer to a joint venture between Thailand and Austria for around £ 4bn (£ 5.4bn) in one of the UK’s largest retail businesses in years.

The Weston family said that Chirathivats, one of the richest families in Asia, and Signa Holding in Austria had set up a joint venture to buy the retail group from the Central Group. Central and Signa will own the 50-50 partnership, according to a note released in London on Thursday night.

The purchase price was not formally disclosed, but is estimated at about $ 4 billion ($ 5.4 billion), according to two people familiar with the transaction, who were asked not to name the information because the information was confidential. This is one of the top 10 purchases for a UK company this year, according to Bloomberg data.

Bloomberg previously reported that the Weston family was considering a sale, following an approach from an interested party, and that he had been appointed a credit counsel to Suisse in June.

Selfridges, founded by Harry Gordon Selfridge in 1908, is known for its huge Oxford Street store in London, which has long been a mecca for fashion lovers. There are also Selfridges in Manchester and Birmingham.

Selfridges Group will become part of the combined portfolio of Central and Signa luxury retailers [File: Bloomberg]

The business was bought by Canadian businessman Galen Weston in 2003 for nearly £ 600 million, and has since expanded to other major retailers including Arnotts and Brown Thomas in Ireland, Holt Renfrew in Canada and De Bijenkorf in the Netherlands. Overall, the group has 25 stores worldwide in its five brands.

The sale of Central and Signari does not include Holt Renfrew, who will remain with the Weston family.

Central Group is a fourth-generation family-owned business operating in the real estate and retail trade, hospitality, and restaurant industries. The Chirathivat family had the 20th largest wealth in Asia, at $ 12.9 billion, according to a November 2020 ranking by Bloomberg News.

Famous properties
Signa was created by Rene Benko, a retail and real estate entrepreneur who owns or owns some of the world’s most prestigious properties, including the Chrysler Building in New York City.

The trophy assets in the UK have attracted interest despite being hit by retail businesses on the main shopping streets. The value of retail goods has declined in recent years, and the industry has been hit by pandemics and the shift to online shopping.

Selfridges is one of the largest retailers in the world and has dealt well with the pandemic. Much of the value of the shopkeeper is in an important part of the London estate on Oxford Street. This includes an undeveloped area at the back of the store, where at one time there were plans for a hotel, entertainment and office complex.

Selfridges Group will become part of the combined portfolio of Central and Signa luxury retailers in Italy, Rinascente in Italy, Illum in Denmark, Globus in Switzerland and KaDeWe in Germany.

The creator of Selfridges was the subject of an ITV Studios and PBS TV series that lasted four seasons until 2016. The series “Mr Selfridge” created the company and focused on the true story of an American starring Jeremy Piven.