Saudi government fund takes stake in Selfridges

Public Investment Fund, an investment fund owned by the government of Saudi Arabia, has acquired the 40 % stake in the Selfridges Group that was previously owned by Austria’s Signa Group. Thailand’s Central Group remains the majority shareholder.

Bankrupt Austrians

In 2022, a joint venture between Central Group and Signa purchased the British department store group, but a year later the Austrian real estate group ran into major financial problems and the group from Thailand took control. Now the latter has brought on board a new investor who will take over the remaining 40 % previously owned by Signa.

The combination of PIF’s financial strength with Central Group’s retail expertise will accelerate Selfridges Group’s growth, both companies said in a press release. Selfridges Group operates eighteen luxury department stores in three countries, including Selfridges in the United Kingdom, De Bijenkorf in the Netherlands and Brown Thomas & Arnotts in Ireland.