RIYADH: Saudi Arabia’s Public Investment Fund (PIF) has announced a significant strategic partnership with Central Group, a prominent conglomerate in retail, real estate, and hospitality, following PIF’s acquisition of a 40 per cent interest in Selfridges Group.
The move is part of a broader strategy that underscores PIF’s commitment to investing in key sectors globally, particularly in luxury retail, which has been experiencing robust growth.
The transaction, which is contingent upon customary regulatory approvals, follows a binding agreement for the complete buyout of Signa Group’s interest in Selfridges Group.
Through this partnership, PIF will hold a 40 per cent stake in both the operating and property companies of Selfridges Group, while Central Group will retain the remaining 60 per cent. Collaborative effort is further bolstered by new investments from both parties, aimed at enhancing Selfridges Group’s market position and facilitating future development.
The partnership is poised to unlock significant value within Selfridges Group, leveraging PIF’s investment capabilities alongside Central Group’s industry expertise.
As articulated by Turqi Al-Nowaiser, Deputy Governor and Head of the International Investments Division at PIF, the collaboration is expected to reinforce Selfridges Group’s status as one of Europe’s most iconic luxury department stores. This alignment of interests and resources is set to accelerate growth and innovation within the group, ensuring its prominence in the competitive landscape of European luxury retail.
Selfridges Group, which operates 18 premier luxury department stores across the UK, Netherlands, and Ireland, is renowned for its flagship locations on London’s Oxford Street and Manchester’s Exchange Square, both of which serve as cultural and retail landmarks. With the backing of PIF and Central Group, Selfridges Group is well-positioned to enhance its offerings and solidify its reputation as a premier retail destination.
