Interested parties begin eyeing Selfridges stake

Following the breakdown of one of Selfridges’ two owners, various parties have reportedly been circling the British department store chain for a potential stake purchase.

Gucci parent company Kering and Saudi Arabia’s Public Investment Fund (PIF) are understood to be mulling the acquisition of a stake in the luxury retailer, according to the Telegraph, which cited city sources.

However, since the Telegraph's report, a spokesperson for Kering said that the group denied having any interest in Selfridges.

The news comes on the back of the financial collapse of Signa, one of two companies that had purchased Selfrides in a joint venture mid-2022.

One year on, however, the Austrian firm was ultimately forced to file for administration after it racked up significant debt, leaving co-owner Central Group to gain control of Selfridges, exercising “its right to convert a loan provided by one of its subsidiaries”.

As Signa continues to face insolvency, the Telegraph said that the firm’s shares are now believed to be up for sale and Central is seeking a new partner, yet sources noted that legal proceedings in Austria make the process complex.

Interested parties are said to be waiting for a closure on the situation surrounding Signa, which still owns 50 percent of the retailer’s brand and real estate, before registering their official interest.

This article was edited at 08:45, March 19 to include a statement from a Kering spokesperson who said the company denied having any interest in the retailer.