Did Saudi Arabia Buy Selfridges?
Regional shoppers can feel a little less guilty about going on a spree at the iconic British department store this summer…
No trip to London is complete without paying a visit to Selfridges, one of the world’s most famous department stores.
From the rows upon rows of ready-to-wear pieces to its decadent food hall, selection of restaurants and more it’s easy to spend a day wandering around Oxford Street’s most iconic shopping destination.
Shoppers from the region, looking to freshen up their wardrobes in time for autumn during their summertime trips to London, can now boast of a special link between the Gulf and Selfridges. Earlier this week The Telegram, along with other news sources around the world, reported that Saudi Sovereign Wealth Fund was one of the backers of a £4bn “takeover” of the department store.
In an email to Harper’s Bazaar Arabia, Selfridges clarified that the Public Investment Fund (PIF) has a minority stake in Signa Holding, the company that has a 50% stake in the joint venture alongside Central Group, which owns Selfridges Group.
Selfridges was put up for auction by its previous owners, the Weston Family, after the passing of British-Canadian businessman Galen Weston last year.
So, did Saudi Arabia actually buy Selfridges?
The short answer is PIF has a minority stake in Sigma Holding, which holds a 50% stake in Selfridges.
Regardless, we’re sure regional shoppers will happily make do with any excuse to peruse the shop floors this summer (be sure to check out Barbie’s Dreamhouse at The Corner Shop in Selfridges London.)