The Weston family sold the Selfridges luxury retail group to retailer Signa Holding and real estate company Central Group.
A statement released Friday by Central Group said the acquisition “would create one of the world’s leading groups of omnichannel luxury department stores.”
The sale was made for Â£ 4 billion, the BBC reported.
The Selfridges portfolio includes 18 department stores in England, the Netherlands and Ireland.
They will be part of the combined portfolio of Central and Signa department stores, which includes Rinascente in Italy, Illum in Denmark, Globus in Switzerland and The KaDeWe Group in Germany and Austria.
Selfridges was founded in 1908 by Harry Gordon Selfridge. W Galen Weston purchased the Oxford Street flagship store Selfridge in 2003 and formed the Selfridges Group in 2010.
Selfridges Group President and surviving daughter of W Galen Weston, Alannah Weston, said the acquisition was “a testament to the successful realization of my father’s vision for an iconic group of beautiful, truly experiential department stores.”
âCreative thinking has been at the heart of everything we’ve done together for almost twenty years, and sustainability runs deep in the business.
âI am proud to pass the baton on to the new owners who are family businesses who have a long-term vision.
âI know that they will fully embrace this vision and continue to give our incredible team the means to strengthen the Group.
The Central Group opened Thailand’s first department store in 1956 and now has approximately 3,700 stores worldwide.
Managing Director Tos Chirathivat said it was a “privilege” to make the deal.
âAs family-owned businesses, Central and Signa will focus on providing exceptional and inclusive shopping and digital experiences for local residents and overseas visitors, to ensure that we can give all Selfridges Group stores a bright future for the next 100 years. “
Signa Holding was founded in 2000 and is Austria’s largest private real estate company.
Signa Chairman of the Board, Dieter Berninghaus, said: âTogether we will work with the world’s leading architects to sensitively reinvent the stores in every location, transforming these iconic destinations into modern, sustainable and thrifty spaces. in energy, while remaining faithful to their architectural and cultural heritage. .
“We plan to realize the vision of the late Galen Weston to deliver his blueprint and create a high-quality experience retail environment for our customers and brand partners.”