Saudi Arabia has secured a 40% stake in Selfridges in a new partnership with Central Group

Thai retailer Central Group will own 60% of Selfridges Group after the buyout and PIF will own the other 40% of the department store, including its operating and property businesses.

The statement also confirmed that the deal includes new investment from both parties to “strengthen Selfridges Group’s financial position” and support its future growth.

Central Group said the partnership is built on “solid foundations of a shared vision, investment expertise and industry knowledge”.

The group added that it hopes it will strengthen the luxury department store’s position in the market as a “leading luxury retail destination”.

Central Group executive chair and chief executive Tos Chirathivat said: “We became the majority shareholder in Selfridges Group’s operating company in November last year.

“Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position.

“The Group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders.

“PIF is Central’s partner of choice in this distinguished company and we are confident that PIF’s proven global track record of investments, combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders.”

Central Group first acquired Selfridges in partnership with Signa in a £4bn deal in 2021.

The Thai retailer then took majority control of Selfridges last November as Signa was forced into restructuring, raising questions over the future of its stake in the business.

Selfridges Group currently owns and operates a total of 18 luxury department stores across three countries including Selfridges in the UK, De Bijenkorf in the Netherlands and Brown Thomas and Arnotts in Ireland.