elfridges changed hands. The British department store chain will move into the hands of Thai retail giant Central Group, which until now controlled 50% of the company. This change of hands occurred because one of the second owners, Signa Holding, was experiencing an “internal crisis among its investors,” according to what was reported. Reuters.

The two companies acquired Selfridges in 2021 in a $5 billion operation. With exclusive control of the British department store group, owner of Irish chains Brown Thomas&Atrnotts and Dutch De Bijenkorf, Central Group indicated that it was “strengthening” its position on the European continent.

Central Group is Thailand’s largest retail operator and has a diversified business portfolio, including shopping malls, hotels and food. This Thai company has been the owner of the Italian department store group La Rinascente since 2011.. Apart from that, the company also collaborates with Central Pattana, the largest department store company in Thailand.

Signa Holding, for its part, is one of Austria’s largest companies. The group controls the German department store chain Karstad and 49% of German department store The Kadewe Group.

Since 2021, Selfridges is controlled by a joint venture of Central Group and Signa Holding

The British department store group took its first steps in 1908 in London at the hands of the Weston family. Currently, the company has a network of 25 sales points, including its businesses outside the UK.. The plan no longer exists cooperate They involve the transformation of the group’s stores, as well as expanding the company into new markets.

Last year, the group studied store reopenings, after two decades of not opening more stores, although, for now, they ruled out opening new stores in the UK. Selfridges currently operates from an iconic Beaux Arts building on Oxford Street, London, a store in Birmingham and two stores in Manchester. For almost twenty years, the company has not opened a new store in the UK.

According to the latest results, Selfridges closed the year with a turnover of 843.7 million pounds (975 million euros), an increase of 29% compared to the turnover recorded in 2021, a year in which the company reduced its turnover by 40%, rising to 653.4 million pounds (755 million euros). The company’s loss was reduced to 38.3 million pounds (44.3 million euros).