Saudi Arabia buys 40% stake in UK retailer Selfridges

Selfridges/X

Saudi Arabia’s Public Investment Fund (PIF) has acquired a stake in British luxury department store Selfridges, committing more investment to support its European expansion.

The wealth fund has purchased Austria’s Signa Group’s interest in the retailer, subject to regulatory approvals. No financial details were disclosed.

Through a partnership with Central Group, Thailand’s largest department store owner, PIF will hold 40 percent of both Selfridges Group’s operating and property companies.

The remaining 60 percent in Selfridges will be held by Central Group. Signa and Central Group bought Selfridges for £4 billion ($5.1 billion) in 2021. 

PIF and Central will make additional investments to strengthen Selfridges’ position and support its future development in European luxury retail, PIF said in a statement.

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

The UK’s Telegraph reported back in March that PIF and French conglomerate Kering were interested in buying a stake in Selfridges.  

In December 2023 the PIF was reported to take a 49 percent stake in British hotel group Rocco Forte for £1.4 billion ($1.8 billion). 

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Separately Reuters has reported that PIF was among the potential bidders seeking a 10 percent minority stake worth $1 billion in DAZN, a London-based sports-streaming group.

DAZN is a broadcasting partner for Italy’s Serie A, Spain’s LaLiga, Germany’s Bundesliga and France’s Ligue 1.

The report however said that there is no certainty that the deal will be finalised as talks have continued for over a year.