Thai retail giants Central Group are set to buy the famous British luxury department store chain Selfridges, UK Media reported on Thursday.
The deal, which is hoped by Selfridges ownership group to be completed before the end of the year, is believed to be worth some 4 billion pounds sterling (179.22 billion baht).
The Times, which first reported the news, said that the terms of the acquisition by Central Group was agreed to in “the last few days.”
Selfridges, which was founded in 1908 and an integral part of British popular culture, is owned by the Canada-based Weston family and runs 25 stores worldwide including its flagship store in London’s Oxford Street.
Central Retail launched its initial public offering last year just before the height of the pandemic. The retail giant has struggled domestically due to Covid-19 restrictions and a travel ban imposed by the government to stop the spread of the virus.
In addition to its Thai properties, Central Group owns and operates the Rinascente malls in Italy, Illum in Denmark, Alsterhaus, KaDeWe, and Oberpollinger in Germany, and Globus in Switzerland.