Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40% stake in Selfridges, previously owned by the defunct Austrian company Signa.
- The PIF has been involved financially with Selfridges for the past three years, taking a 10% stake after an earlier auction.
- Thailand’s Central Group remains the majority shareholder with a 60% holding, with both companies committing to further investment.
- This strategic partnership aims to bolster the financial stability and future growth of the Selfridges Group.
- Central Group’s executive reports confidence in PIF’s global investment track record to enhance Selfridges’ continued success.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has significantly increased its stake in the iconic department store Selfridges. Previously, a 40% share in Selfridges was held by the now-collapsed Austrian firm Signa. This transaction strengthens PIF’s investment in the retail sector, showcasing its confidence in Selfridges’ potential for growth.
Over the last three years, the PIF has gradually increased its involvement with Selfridges, beginning with a 10% stake acquired after an auction conducted by the Weston family. This latest move reinforces PIF’s commitment to playing a pivotal role in the luxury retail market, aligning with its broader investment strategy.
The Thai conglomerate Central Group continues to be the predominant shareholder, maintaining a 60% stake in Selfridges. Both Central Group and PIF have announced plans for fresh investments aimed at enhancing the financial health and development prospects of Selfridges. This partnership is poised to leverage both parties’ strengths and expertise to strengthen the brand’s market position.
Central Group’s executive chairman and chief executive, Tos Chirathivat, expressed enthusiasm about the partnership, stating, “We are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position.” Chirathivat underscored the shared long-term vision of both shareholders as central to this new chapter for the retail group.
The inclusion of the PIF as a major stakeholder is poised to provide Selfridges with the resources and strategic direction needed to navigate future challenges, ensuring the company’s continued relevance and profitability in the competitive retail landscape.
The strategic shift in Selfridges’ ownership structure is set to fortify its position in the luxury retail market.
