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Thai conglomerate to pay $5.3 billion for Selfridges department stores



Thailand's Central Retail Corporation has agreed to take over the British luxury department store chain Selfridges.
Thai conglomerate to pay $5.3 billion for Selfridges department stores

Thai corporation Central Retail has agreed to take over the British chain of luxury department store Selfridges. According to The Times, citing consultants in the market, the transaction will amount to 4 billion pounds sterling, the equivalent of $5.3 billion. The deal closes in December 2021. 

Selfridges traces its history back to 1909 and is one of the most popular luxury department store chains in the United Kingdom. To date, the company has 25 retail units under management. Since 2003 the company has been owned by Canadian billionaire Galen Weston, who purchased the chain for £628 million. After Weston's death in the summer of 2021, it became known that his family plans to sell the asset. 

Thailand's Central Group was founded in 1956 as a retail operator. The corporation includes mall and department store management companies, catering, and other divisions. The conglomerate operates 3,700 stores nationwide and Globus stores in Switzerland, Rinascente department stores in Italy, and KaDeWe in Germany.

More about shopping malls in Thailand



DAY BEFORE YESTERDAY, China:
Louis Vuitton continues to look for new growth opportunities in Asian markets.
Nov 24, 2022, Australia:
French luxury retailer is opening its first airport store in Southern Hemisphere.
Nov 24, 2022, USA:
We want to make people look good and feel good, we want you to feel sexy and have fun doing it.
Nov 23, 2022, Singapore:
The flagship store of the new format appeared in Singapore.
Nov 22, 2022, Japan:
The store is located on Omotesando Avenue, one of the most prestigious locations of the Japanese capital.
Nov 21, 2022, United Kingdom:
The closures are part of the group's global cost-cutting strategy.
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