The billionaire Weston Family has completed its sale of Selfridges Group to a Thai and Austrian joint venture.
Last year, the Weston family agreed to sell the business to Thailand’s Central Group and Austrian-based property company Signa Holding, with each company taking a 50 percent stake.
As well as owning the iconic Selfridges department store chain in the UK, the group’s portfolio includes Arnotts and Brown Thomas in Ireland, and de Bijenkorf in the Netherlands, which were included in the deal.
However, high-end Canadian department store chain Holt Renfrew, which was also part of the group prior to the deal, remains under Weston ownership.
Stefano Della Valle, chief executive officer of Central and Signa’s luxury department store group in Europe, will lead Selfridges Group under his expanded role.
Meanwhile, Anne Pitcher, the managing director of Selfridges Group, will remain in the leadership team until the end of the year “to ensure a smooth integration into the newly formed group”.
Tos Chirathivat, executive chair and CEO of Central Group, and Dieter Berninghaus, chair of the executive board of Signa Holding, will be co-chairs of the new group.
In a joint statement, Tos and Dieter said: “We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry.
“We are committed to create the world's leading luxury omni-channel platform for all our customers through both online and offline channels. We are excited to meet and work with our new colleagues, as well as brand partners to achieve this vision.”