Central Group from Thailand and Saudi Arabia’s Public Investment Fund (PIF) have partnered for Selfridges’ buyout.
- Central Group now holds a majority stake of 60%, with PIF owning 40% of Selfridges Group.
- The acquisition aims to bolster Selfridges’ financial foundation and advance development.
- Signa Group, formerly a part-owner of Selfridges, sought restructuring help amid financial woes.
- Executives express optimism about leveraging expertise to benefit all stakeholders.
Central Group, a Thai conglomerate, has formed a strategic alliance with Saudi Arabia’s Public Investment Fund (PIF) for a total buyout of Selfridges Group, previously shared with Austrian property developer Signa Group. This move marks a significant change in ownership dynamics, as Central and PIF will now control all aspects of Selfridges Group, including its operating and property sectors.
Under the new partnership terms, Central Group has acquired a 60% stake, while PIF takes a 40% share. This division of interests signifies a collaborative effort to fortify Selfridges’ financial stability and support its future growth plans. The collaboration underscores a commitment to advancing Selfridges’ market presence and operational resilience.
Previously, in 2022, Signa Group collaborated with Central Group to acquire Selfridges for £4 billion. Nevertheless, by November 2023, Signa encountered severe financial distress, prompting it to engage restructuring experts. This development reflects the financial challenges that some industry players face in the current economic climate.
Tos Chirathivat, Central Group’s executive chairman and CEO, emphasised the positive outlook for Selfridges, stating, “We became the majority shareholder in Selfridges Group’s operating company in November last year. Today, we are glad to welcome our new partner, PIF, and together we will immensely strengthen the Selfridges Group’s financial position.” His statement highlights the strategic alignment and shared vision between Central and PIF.
The partnership is portrayed as an opportunity to integrate PIF’s global investment expertise with Central’s retail and brand management proficiency. This synergy is expected to yield substantial benefits for Selfridges’ stakeholders, crafting a path towards sustained growth and innovation.
The partnership between Central Group and PIF heralds a new era for Selfridges, promising stability and growth through combined expertise.
