Central Group, PIF join forces

Central Group, Thailand’s leading retail, real estate and hospitality conglomerate, has announced its partnership with Saudi Arabia’s Public Investment Fund (PIF), following PIF’s total buyout of Signa Group’s interest in Selfridges Group.
According to a statement isssued by Central Group, Central Group will own a 60% stake in both Selfridges Group’s operating and property companies, while PIF will hold a 40% stake under this new partnership. The deal includes new investment by both Central and PIF to strengthen Selfridges Group’s financial position and support the group’s future development.
Completion of the transaction is subject to customary approvals.
Selfridges Group owns and operates 18 luxury department stores in three countries: Selfridges in the UK, de Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. The portfolio includes the iconic properties of Selfridges in London’s Oxford Street and Selfridges in Manchester’s Exchange Square.
The new partnership, built on the solid foundations of a shared vision, investment expertise and industry knowledge, aims to amplify Selfridges Group’s potential, strengthening its position as one of Europe’s leading luxury retail destinations, according to Central Group.
“We became the majority shareholder in Selfridges Group’s operating company in November last year. We welcome our new partner PIF and together we will strengthen the Selfridges Group’s financial position,” said Tos Chirathivat, executive chairman and chief executive of Central Group.
He said the group is ready for 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 its 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, benefiting its stakeholders,” said Mr Tos.
Central Group began its investment in Selfridges Group in 2022 and has propelled the business towards growth. Notable developments include the recent makeover of the Selfridges Beauty Hall on Oxford Street into the “Beauty Destination of the Future”, blending innovation and cutting-edge services with luxury.
Major renovations were completed on the ground floor of Brown Thomas in Dublin and in the men’s department of de Bijenkorf in Amsterdam, expanding the luxury retail space to better accommodate the sophisticated lifestyle of celebrities and brand enthusiasts. In the past year, Selfridges Group generated sales of over £2.8 billion, equivalent to more than 122 billion baht.
Central Group’s European luxury department store portfolio currently comprises 40 stores, located in 34 major tourist cities across seven countries.
The investments in six of these countries are private investments by Central Group, and are not affiliated with Central Retail Corporation Plc (CRC) and Central Pattana Plc (CPN). These include Selfridges in the UK, de Bijenkorf in the Netherlands, Brown Thomas and Arnotts in Ireland, KaDeWe (Berlin), Oberpollinger (Munich) and Alsterhaus (Hamburg) in Germany, Illum in Denmark and Globus in Switzerland.
The investments in Italy, however, are structured as follows: CRC owns 100% of the operating company that manages all nine Rinascente stores. Moreover, Central Group independently owns 100% of the property company that owns and manages the real estate and buildings for two Rinascente locations — the Rome Tritone branch and Turin branch.