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 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.