Selfridges set to be sold to Thai conglomerate for up to £4bn

Selfridges, the iconic British luxury department store, has been sold to a joint venture between Thailand’s Central Group and Austrian real estate group Signa Holding. The deal, reportedly worth £4 billion ($5.4 billion), marks a significant expansion for the Thai conglomerate, which is controlled by the billionaire Chirathivat family. Central Group has been operating for over 75 years in Thailand and is the largest department store chain in the country.

The acquisition of Selfridges adds to Central and Signa’s collection of high-end retailers, including Rinascente in Italy, Illum in Denmark, Switzerland’s Globus, and The KaDeWe Group in Germany and Austria. The joint venture aims to become a major global player in the department store sector.

Founded in 1908 by Harry Gordon Selfridge, the Selfridges Group was previously owned by the Canadian billionaire Weston family. The group owns 18 department stores, including a historic property on London’s Oxford Street shopping district.…