Saudi Arabia secures stake in Selfridges

Saudi Arabia’s sovereign wealth fund has struck a deal to buy out the stake in Selfridges held by the collapsed Aus­trian conglomerate Signa.
The Saudi Public Investment Fund has joined forces with Selfridges’ ­co-owners from Thailand to wipe out Signa’s position following months of speculation about the future of the luxury department store group.
PIF will hold a 40 per cent stake in Selfridges after the deal and Central Group, a conglomerate controlled by Thailand’s Chirathivat family, will own 60 per cent.
Signa, the Austrian property conglomerate founded by Rene Benko, bought Selfridges with Central Group for £4 billion in 2021. The Weston family had owned the luxury brand for almost twenty years before the sale.
Its future was thrown into doubt, though, when Signa called in restructuring advisers and filed for insolvency in November last year. Central Group converted a loan into equity to take control of Selfridges last year and has now orchestrated a buyout of Signa’s remaining interest with PIF for an undisclosed amount.
Tos Chirathivat, executive chairman and chief executive of Central Group, said PIF was its “partner of choice” for its continued investment in Selfridges.
Selfridges operates 18 department stores in three countries, including on Oxford Street in central London as well as an outlet on Exchange Square in Manchester. The group also owns De Bijenkorf in the Netherlands and Brown Thomas and Arnotts in Ireland.
Turqi al-Nowaiser, deputy governor and head of international investments at PIF, said: “We are pleased to be partnering with Central Group in Selfridges Group … This transaction allows Selfridges Group to build on its position as a premier retail destination.”
Chirathivat said: “We are glad to welcome our new partner PIF and together we will immensely strengthen the Selfridges Group’s financial position.”