Saudi Arabia's PIF to acquire minority stake in UK retailer Selfridges

08 Oct '24

2 min read

Saudi Arabia's PIF to acquire minority stake in UK retailer Selfridges

Pic: Adobe Stock

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Saudi Arabia's PIF is set to acquire a 40 per cent stake in Selfridges Group, partnering with Thailand's Central Group, which will hold the remaining 60 per cent.
PIF's acquisition follows a deal to buy out Austria's Signa Group's interest in Selfridges.
The collaboration aims to enhance Selfridges' growth, aligning with PIF's global investment strategy.

Saudi Arabia’s Public Investment Fund (PIF) has announced to collaborate with Thailand-based multinational conglomerate Central Group. Through this move PIF is set to acquire a minority stake of 40 per cent in Selfridges Group, while the rest 60 per cent will be held by the Central Group.

In December 2021, the Central Group along with Austria-based real-based company Signa acquired Selfridges for £4 billion (~$5.1 billion).

The transaction by PIF will follow a binding agreement for the total buyout of Signa Group’s interest in Selfridges Group and is subject to customary and applicable regulatory approvals, PIF said in a press release.

Turqi Al-Nowaiser, deputy governor and head of international investments division at PIF, said: “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination.”

This partnership aligns with PIF’s strategy of investing in key strategic sectors globally and is underpinned by a shared vision to unlock further value in Selfridges Group. By combining PIF's investment capabilities with Central Group’s industry leadership, this collaboration will accelerate the growth of Selfridges Group, cementing its position as a leading force in European luxury retail, the release added.

Selfridges Group owns 18 luxury department stores in three major European countries—Selfridges in the United Kingdom, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.

Fibre2Fashion News Desk (SG)