Department store Selfridges is set to be sold to Thailand’s Central Group in a multi-billion-pound deal.
The Weston family have been searching for a buyer and want around £4 billion for the retailer, which has 25 stores globally, including the flagship Oxford Street site as well as branches in Dublin, the Netherlands and Canada.
According to The Times which reported on the transaction, it could be extended until the end, although terms were reached in the last days.
Selfridges did not respond to our request for comment.
This business has its origins back to 1908 and was started by Harry Gordon Selfridge. It is now owned by the Westons since 18 years. Primark also has a significant stake owned by the family.
Central Group is a family-owned conglomerate that started in Bangkok but went global when the founder’s son, Samrit Chirathivat, opened Thailand’s first department store in 1956.
The deal will include the Oxford Street flagship site, as well as branches throughout Dublin and overseas
Key figures non-executive director Vittorio Radice, left, and founder Harry Selfridge, right
In a Selfridges 2003 exhibition, naked volunteers lay on the floor in the Cosmetics Department.
There are now 3,700 stores worldwide, including electronics shops, department stores, and supermarkets.
Central Group’s non-executive director Vittorio Radice ran Selfridges between 1996 and 2003 and has been managing a department store in Italy since 2006.
Famously, he oversaw the “Body Craze” where many people posed naked in Oxford Street stores as part of an exhibition by Spencer Tunick.
He is responsible for European expansions.
Galen Weston died in March 2003. The move to privatize the department store was overseen by Galen Weston.
Selfridges is controlled by the Wittington Investments Ltd Canada arm of their family. This separates from Primark’s UK owner Associated British Foods.
Credit Suisse was appointed as their advisers in order to determine the best next steps for the company.
Anne Pitcher (the boss of Selfridges) stated earlier in the year that she would change how people shop starting at this moment.
We will shop online more, so there will be less stores.
Selfridges, the high-street favourite Selfridges, is owned currently by the Weston family
After an extremely difficult year, the chain’s prestigious has been approached to bid.
Selfridges has stores in Manchester and Birmingham, and was bought for £598million in 2003
“People will be less inclined to go to public places or participate in large-scale events in the near future. We are facing the hardest year of our lives.
“It’s not the years after that that will be exciting.
‘This is about reinventing retail, nothing less.’
Harry Gordon Selfridge, who founded Selfridges back in 1908, is the reason why Selfridges was named.
In 2003 The Weston family took it private for £598 million.
Selfridges occupies over 600,000 sq. feet in London’s flagship Oxford Street store.
An ITV period drama about the early years of its existence documented these events, and was broadcast between 2013-2016.
It followed the American-British retail magnate Selfridge as he invested £400,000 to build a shop on what was then the unfashionable end of Oxford Street.
The business, which also runs stores in Manchester and Birmingham, was bought by the Westons for £598million in 2003.
Its Irish operations – Arnotts and Brown Thomas – are also believed to form part of the approach.
Selfridges was granted a license to hold weddings in May to assist couples who are struggling to find venues after the collapse of Covid.
For a short time, the luxury department store will have its flagship available for ceremonies London Oxford Street shop, offering three options for couples who are looking for a non-traditional ceremony at a special venue.
The fourth-floor of the Grade II listed building has a dedicated “Wedding Suite”. It can accommodate up to 20 people and includes the possibility of having a drag queen officiate.
Nearly 280,000 UK weddings are held each year. More than 260,000 were postponed by the pandemic.
This figure is in addition to 2021’s weddings. It means that as many as 475,000 weddings can be planned this year, with weekdays as popular as weekends.
Harry Gordon Selfridge was a retailer who established a global retail empire in the world-famous Oxford Street departmental store. However, his affair with his twin sisters caused his downfall.
In 1908, Harry Gordon Selfridge invested £400,000 of his own money in opening a department store at the then-unfashionable west end of Oxford Street after visiting London from his native Wisconsin, in the USA.
Selfridges & Co went on to become a household name, with Selfridge chairing the company until he was ousted in 1941 after becoming obsessed with twin sisters who were dubbed the Cheeky Girls of their day.
He was the star of ITV’s popular drama Mr Selfridge. American actor Jeremy Piven portrayed him.
Since 2003 the Weston family has controlled the company.
While it’s not clear that any formal bid has been submitted for the famous shop, a handful of potential parties have expressed interest.
The Weston family is a billionaire owner of Selfridges and has launched an auction to buy the department store.
There are 25 shops worldwide that the business owns, including its Oxford Street flagship store and Birmingham location within Bullring.
Selfridges’ performance has been strong in recent years despite the wider sector downturn that has led to the collapse Debenhams as well as declines at some major competitors.
Selfridges, which has experienced a boom in profits over the past decade thanks to heavy retail investment.
The pandemic caused the closure of several sites, which was a major blow to the group.
After the “toughest” year in company history, the company had to cut 450 jobs. This was around 14% of the total number of employees.
This will present a significant challenge to the country: fewer tourists and weaker footfall in key areas like Oxford Street.
Selfridges, when it first opened, was an unrivalled shopping destination.
In 1908, Harry Gordon Selfridge (pictured right with his daughter Rosalie) invested £400,000 of his own money in opening a department store at the then-unfashionable west end of Oxford Street after visiting London from his native Wisconsin, in the USA
It was a hit among Londoners. This is the shop as it appeared on its first day, March 19, 1909. You can see crowds waiting inside, including women and men.
This image is colourised and shows Londoners gathering outside Selfridges to view the 1948 Christmas display
Selfridges was a London retailer that sold all things Londoners might want. Above: This is a display advertising a new 1946 release.
English aviator Captain Campbell Black demonstrating a 1930’s airplane engine and chair parachute in the Selfridges’ Modern Boy Exhibition. He was captivated by a large crowd of young men. It took place on January 2, 1936.
Nine Otis lifts were featured in the Oxford Street shop, which transported customers to more than 100 departments that sold everything from fur coats and swimsuits.
It was the central goal to provide comfort while people shop.
The financial ruin of Mr Selfridge’s pursuit of 1920s ‘Cheeky girls’
ITV’s Mr Selfridge told how Harry Selfridge lost his fortune in pursuit of Jenny Dolly and Rose Dolly, twin dancers who would go on to be known as the ‘Cheeky Girl’ of their time.
Selfridge, a widower of 67 years when he met Jenny (and Rose), who became known as the Dolly Sisters.
Harry, who is thought to have spent $4 million to help support his gambling habit, loved the women and gambled. Today, that figure is worth around $60million – or £43.5million.
ITV’s Mr Selfridge told how Harry Selfridge became financially bankrupt by his pursuit for twin dancers Jenny Dolly and Rose Dolly. They were known as the “Cheeky Girls” of that era.
He also purchased the finest furs, jewels, and evening dresses for women.
Andrew Davies, creator of ITV, has previously spoken out in support of the sisters.
“I believe Harry’s affair with The Dolly Sisters is what led to his downfall. He was mixing personal and company money.
He said that the girls had been a financial drain and he felt bad about his reputation.
“People believed his judgment was less since he was so foolish for them.”
Harry has been known to have had a relationship with Jenny, and offered to pay her $10 million to get married to him.
Jenny was also in a car crash in 1933. Jenny had to sell her jewellery in order to fund plastic surgery.
Harry offered his assistance, but did not marry the woman he loved. After suffering from depression, she hanged her self in 1941. Rose passed away in 1970 at the age of 77.
Piped music, the smell of perfume and piped music were played to customers. Shoppers could relax while enjoying a delicious meal from a restaurant.
A hairdresser and manicure services were also available at the store.
Harry Selfridge loved to say that his shop helped to “emancipate” women. He said, “I was there when they were ready to go on their own.”
“They were inspired by the store’s products and realized their dream.
TV was introduced to the public in 1925 at Selfridges.
Harry Selfridge founded a school to educate the children of his employees.
In 1925, Selfridges opened a continuation school for boys and girls aged 14-18. They offered classes in reading and writing as well as cooking and cleaning.
This school was created at a time in which the education age was only 12 and the Education Act of 1918 was just 12.
While children were allowed to drop out of school at 14 years old, they were required to stay in ‘continuation schools’ until the age of 18.
Selfridge’s 1920 classes show the girls reading, doing laundry, and participating in “physical culture” classes.
In 1940, the John Lewis Partnership bought what were then the 16 stores – besides the Oxford Street flagship – which made up Selfridges.
In 1951, the Liverpool-based Lewis’s – separate from the JLP – bought the Oxford Street shop.
In 1965, Sir Charles Clore, a British magnate, purchased the company.
The Sears Group owned additional stores and Selfridge’s was separated from Lewis’s. Lewis’s went into administration.
Selfridges also opened two new stores in Manchester in 1998. In 2003, another store was opened at Birmingham’s Bullring.
Galen Weston purchased the company in that same year. Now, more than 200 companies are part of the Weston Family, which also includes Canada’s most popular supermarket chain Loblaws.
According to the Sunday Times rich listing, Garfield Weston Foundation was named as the biggest single donor for businesses affected by Covid-19.
The foundation gave away a total of £45million, with more than £30million given to arts organisations.
ITV’s Mr Selfridge revealed the story about Harry Selfridge’s financial ruin due to his pursuit of Jenny and Rose Dolly twin dancers, whom he called the ‘Cheeky Girl’ of their time.
Selfridge, then a widower of 67 years, met Jenny and Rose when they were both working as the Dolly Sisters.
Harry was believed to have spent $4million in support of their gambling habit. Today, that figure is worth around $60million – or £43.5million.
A tycoon bought women best furs jewels and evening gowns.
Andrew Davies, who created the ITV show, previously said of the sisters: ‘I think Harry’s relationship with The Dolly Sisters was the beginning of his downfall because he was mixing his personal money with company money.
He said that the girls had been a financial drain and he felt bad about his reputation.
“People believed his judgment was less since he was such an idiot for them.”
Harry Selfridge was the main focus of ITV’s popular drama Mr Selfridge. He was played by Jeremy Piven, an American actor (above center).
Nine Otis lifts were installed in the Oxford Street shop, which allowed customers to go around over 100 departments and sell everything from fur coats to swimsuits.
While customers enjoyed piped music, the smell of perfume and the sound of the wind in the air throughout the day, shoppers could relax at restaurants with a meal.
Crowds of shoppers at Selfridges, December 28th 1963.
A view of Christmas decorations at Selfridge’s Oxford Street store, 23/11/57
Here are customers looking at quilts and bedsheets during the December 1963 post-Christmas sales
Harry has been known to have had a relationship with Jenny, and offered to pay her $10 million to get married to him.
Jenny, however was in an accident with a car in 1933. She had to sell all her jewelry to help pay for the plastic surgery.
Harry offered his assistance, but did not marry the woman he loved. After suffering from depression, she hanged her self in 1941. Rose passed away in 1970 at the age of 77.
Largely due to the money he lavished on the sisters, Harry’s fortune disappeared and he ended up owing £250,000 in tax. In 1941, he was forced to leave Selfridges.
Harry survived by a modest pension. Harry lived in an apartment he rented and took the bus to Selfridges. He was mistaken for a vagrant and was thus arrested once.
He died in 1947 penniless after a career as a businessman.
There are 25 shops worldwide that the business owns, including the Bullring location in Birmingham and Oxford Street. Above: Birmingham Store
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