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Saudi Arabia’s Public Investment Fund Takes Large Minority Stake in Selfridges

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Saudi Arabia's Public Investment Fund has taken a 40 percent stake in the retailer. Central Group controls the retailer with a 60 percent stake.

Selfridges’ majority shareholder Central Group has increased its stake to 60 percent as part of the deal, the terms of which were not disclosed.At that time PIF already owned a 10 percent stake in Selfridges, and was offering a cash price of 1 million British pounds for a 40 percent stake in the retailer.“We are pleased to be partnering with Central Group in Selfridges, one of Europe’s most iconic luxury department stores.

The deal includes new investment by both Central and PIF “to strengthen Selfridges Group’s financial position and support the group’s future development,” a statement from Central said. When the reports of PIF’s interest in Selfridges first surfaced, Bernstein’s Luca Solca told WWD that “Selfridges has continued to improve its offer in the past 10 years, but its transformation away from a general department store is possibly still in progress. Having a solid shareholder committed to the long term will definitely help.”

 

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