The Saudi Public Investment Fund announced that it had “signed a deal to purchase a 40 percent stake in the luxury British company Selfridges, following a binding agreement under which it would acquire the entire Cigna Group’s stake in the group.”
According to the Saudi Press Agency, the Public Investment Fund considered that “this partnership is in line with its approach to investing globally in strategic sectors, and it is also based on a common vision aimed at supporting the capabilities and capabilities of the Selfridges Group.”
Deputy Governor and Director of the General Department of International Investments at the Public Investment Fund, Turki Al-Nuwaisir, said: “We are happy to partner with “Central”, in the “Selfridges” group, which is considered one of the most important luxury shopping destinations in Europe. This deal will strengthen the leading position of the Selfridges group.”
According to what the Guardian newspaper reported, Cigna, an Austrian real estate group, bought Selfridges with the Thai group Central Group for about $5.5 billion in 2021, and in partnership with the Central Group, the Public Investment Fund will now own the group. Selfridges, whose main store is located on Oxford Street in London, in addition to 17 other luxury stores around the world.
“Selfridges” was founded in London by the American businessman, Harry Gordon Selfridge, in 1909, and was named the best store in the world four times, according to the British newspaper, “its stores remain a leading tourist destination in London, as it is famous for holding special shopping events.” And creative offers, in addition to offering upscale restaurants and selling luxury goods from prestigious brands.”
The “Selfridges” group owns 18 luxury stores within chains spread over three countries: Selfridges in the United Kingdom, De Bijenkorff in the Netherlands, and Brown Thomas and Arnotts in Ireland. The properties it owns in Oxford Street in London and Selfridges Exchange Square in Manchester are also landmarks. Prominent cultural and commercial.
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