Thai and Austrian alliance acquires luxury British store chain in 5.4 billion USD deal
A Thai retailer and an Austrian property company have acquired luxury British store chain Selfridges in a deal that a source close to the matter said was worth around 4 billion pounds (about 5.4 billion USD), AFP reported.
Hanoi (VNA) – A Thai retailer and an Austrian property company have acquired luxury British store chainSelfridges in a deal that a source close to the matter said was worth around 4billion pounds (about 5.4 billion USD), AFP reported.
Selfridges was sold by the Canadian wing of the billionaireWeston family to Thailand's Central Group and Austrian real estate companySigna Group. Currently, Central Group and Austrian investor Rene Benko's Signatogether own department stores in Germany, Italy, Denmark and Switzerland.
The acquisition covers 18 leading department storesincluding Selfridges in London, Manchester and Birmingham, de Bijenkorf in theNetherlands, Brown Thomas and Arnotts in Ireland. With Selfridges, they hope tobuild a luxury department store empire, complemented by an online business.
Founded in 1908, Selfridges was purchased in 2003 by theWeston family for 598 million pound.
Central Group is owned by the Thai billionaire Chirathivatfamily and has scores of malls, electronics, grocery and 24-hour conveniencestores across Thailand.
The firm has been on an ambitious overseas spending spree inrecent years -- acquiring or partnering with luxury brands in Italy, Germanyand Switzerland./.
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