Selfridges is one of London’s most popular department stores. With creativity and sustainability at the heart of its business, it’s been a leader in retail and fashion for over a century.
When Selfridges opened its doors in 1909, founder Harry Gordon Selfridge redefined what it means to be a shopping destination. Ever since then, the department store has grown to be Oxford Street’s go-to social centre.
Throughout its 117 year history, the luxury department store has gone through many a change and it’s latest one has us particularly interested. Keep reading to find out the details.
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It has been reported by UK broadsheet The Telegraph that the Saudi Sovereign Wealth Fund was one of the financial backers of a $5 billion (Dhs18 billion) takeover of Selfridges.
The publication reveals that Saudi Arabia’s $600 billion (Dhs2 trillion) Public Investment Fund (PIF) acquired an interest in Selfridges via Austrian property firm Signa Holding, which bought a 50% stake in Selfridges last August in 2022. The PIF has a minority stake in Signa Holding, Selfridges revealed in an email to Harper’s Bazaar Arabia.
Saudi’s PIF contributed to Signa’s winning bid, which earned them a 50% stake in the department store. This is in partnership with Thai retailer Central Group, who own the other half of Selfridges. According to reports from The New Arab, this joint venture beat a bid from the Qatar Investment Authority (QIF), which currently owns Harrods. The QIF acquired Harrods back in 2010, purchasing the luxury department store from Egyptian businessman Mohamed Al Fayed.
The death of Galen Weston was the driving force that led the Weston Family to put Selfridges up for auction.
Strategically using its wealth has allowed Saudi Arabia to extend its portfolio of investments in the UK, namely, via football club Newcastle United and popular supercar brand Aston Martin. The PIF will continue to use its funds to diversify its economy, all under the leadership of Crown Prince Mohammed bin Salman.
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