Selfridges<\/a><\/span> has enticed interest from Saudi Arabia and Kering as the\u00a0insolvency of the department store\u2019s co-owner\u00a0triggers a battle for the business.<\/strong><\/p>\nBoth Saudi Arabia\u2019s Public Investment Fund (PIF) and Kering, the parent company of Gucci, are said to be interested in a stake in Selfridges, according to The Telegraph.<\/p>\n
It follows the collapse of Signa Holding, the Austrian firm run by businessman Rene Benko that owns half of Selfridges\u2019 property company, sparking interest in the retailer's ownership as its stake becomes available.<\/p>\n
However, sources told the publication that the sale process is complicated due to the legal proceedings underway in Austria.<\/p>\n
<\/p>\n
It is understood that Selfridges\u2019 other co-owner, Thailand\u2019s Central Group, is seeking a new partner as the future of Signa looks increasingly uncertain.<\/p>\n
Interested parties are believed to be waiting for a full outcome from Signa\u2019s collapse before they formally declare an interest in the stake, which would be worth around \u00a32 billion.<\/span><\/p>\n\"What Central is doing is watching its partner\u2019s problems play out,\" one source said. \"Sitting, watching to see how it breaks. Of course, it is naturally interested in seeing what happens because it is going to have a new partner. It\u2019s between retailing dynasties and sovereign wealth funds.\"<\/p>\n
The Selfridges Group was acquired by Central and Signa for \u00a34 billion in August 2022, with the business separated between an operating company and a property company.<\/p>\n
Both had been jointly owned by the two companies, but Central moved to take control of the operating business during the turmoil at Signa late last year, converting a \u00a3317 million loan into a majority stake in the retailer.<\/p>\n
Despite this, Signa still owns 50% of the property company and holds around 35% of the operating company.<\/p>\n","protected":false},"excerpt":{"rendered":"
Selfridges has enticed interest from Saudi Arabia and Kering as the\u00a0insolvency of the department store\u2019s co-owner\u00a0triggers a battle for the business.<\/p>\n","protected":false},"author":100,"featured_media":186618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6],"tags":[4387],"acf":[],"yoast_head":"\n
Gucci owner Kering and Saudi Arabia PIF circle Selfridges - TheIndustry.fashion<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n