Thailand's Central retail group, Signa to buy Selfridges

Thailand's Central Group and Signa of Austria have confirmed plans to buy luxury British department store chain Selfridges

BANGKOK -- Thailand’s Central Group and Austrian real estate group Signa said Friday they plan to buy luxury British department store chain Selfridges.

The deal, reportedly worth 4 billion pounds ($5.4 billion), adds to Central's collection of posh retailers that includes Rinascente in Italy, Illum in Denmark, Switzerland’s Globus and The KaDeWe Group in Germany.

Selfridges was founded in 1908 by Harry Gordon Selfridge and is controlled by the billionaire Weston family of Canada. The group owns 18 department stores including a historic property in London’s Oxford Street shopping district.

Central is the retail flagship of the Thai billionaire Chirathivat family. Selfridges is a nice trophy as it expands globally from its base in Thailand, where the retailing conglomerate owns many department stores and malls.