Saudi Arabia’s Public Investment Fund (PIF) has entered a strategic partnership with Thailand’s Central Group following its buyout of Signa Group’s interest in department store operator Selfridges.

As part of the agreement, Central Group will own a 60 per cent stake, while PIF will hold 40 per cent of Selfridges Group’s operating and property companies. The deal also includes new investment by both parties to strengthen Selfridges’ financial position.

Selfridges Group owns and operates 18 luxury department stores under four banners in three countries, namely Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. 

Central Group began its investment in Selfridges in 2022 and became the majority shareholder in the group’s operating company last November. Selfridges generated sales of more than £2.8 billion (US$3.7 billion) in the last fiscal year.

“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,” said Tos Chirathivat, executive chairman and CEO of Central Group.

Central Group’s European luxury department store portfolio currently includes 40 locations across seven countries.