Selfridges is edging closer to a change in ownership, with a Thai conglomerate reportedly in advanced discussions over a £4bn deal.
Central Group, a family-owned business, are supposedly furthest down the line in negotiations to acquire the retailer, best known for its iconic Oxford Street store.
A deal would see the Central Group acquire that store along with the three other Selfridges outlets in the UK, as well as its business in Ireland and The Netherlands.
Family-owned, Central already operates several shopping centres and department stores both domestically and abroad, including locations in Germany, Italy, and Switzerland.
In total, it has operations in 3,700 locations and employs more than 80,000 people worldwide.
Selfridges has been owned for the past 18 years by the billionaire Weston family, which bought the department store in 2003 for roughly £600mln.
Though talks with Central Group are said to be at an advanced stage, there is allegedly interest from several other suitors.
Qatar’s sovereign wealth fund and Hong Kong department store group Lane Crawford have also reportedly made bids, according to the Evening Standard.
The group generated sales of £1.9bn in the year before COVID.