The Weston family, owners of Selfridges have reportedly agreed to sell the luxury department store chain to Thailand’s Central Group.
The billionaire family are looking to complete the deal by the end of the year, despite the fact the deal may continue into the New Year. The Westons have owned Selfridges for 18 years, and launched a formal auction in July to sell the business.
They initially attracted interested parties such as the Abu Dhabi Investment Authority and Hong-Kong department store Lane Crawford. Central Group is a family-owned conglomerate whose founder Samrit Chirathivat opened Thailand’s first department store in 1956.
Today the business spans over 3,700 shops worldwide ranging from electronics to supermarkets, as well as joint ownership of luxury Swiss department store chain Globus.
