The owners of Selfridges, the Weston family, have reportedly agreed to sell the renowned British department store chain to Central Group for €4.7bn (£4bn). The deal is expected to be done by the end of the year, following months of negotiations. The Westons have owned Selfridges for 18 years, and has launched the business to the market in July. Other initial interested parties included the Abu Dhabi Investment Authority and Lane Crawford.
Central Group is a family-owned conglomerate, which has opened Thailand’s first department store in 1956. Today the business comprises 3700 shops worldwide ranging from electronics to supermarkets, and joint ownership of luxury Swiss department store chain Globus. A sale to Central Group could also see the return of retail veteran Vittorio Radice, who ran Selfridges between 1996 and 2003.
The financial terms of the deal are not yet known but include Selfridges property assets, which have been valued at €2.35bn (£2bn). Neither party has commented on the deal.
