Brown’s owners Thomas and Arnots, the Weston family, have sold their range of luxury retailers to retailer Signa Holding and real estate firm Central Group.
A statement issued Friday by Central Group said the acquisition « will create one of the world’s leading luxury multi-channel stores groups ».
The BBC reported that the sale was for 4 billion pounds (4.7 billion euros).
The portfolio, which also includes Selfridges, consists of 18 stores across Ireland, England and the Netherlands.
They will become part of Central and Signa’s combined portfolio of department stores that includes Rinascente in Italy, Illum in Denmark, Globus in Switzerland, and KaDeWe Group in Germany and Austria.
Selfridges Group Chairman, and W. Galen Weston’s surviving daughter, Alana Weston, said the acquisition was « a testament to the successful realization of my father’s vision for an iconic array of truly beautiful and experimental stores ».
“Creative thinking has been at the heart of everything we have done together for nearly twenty years, and sustainability is deeply ingrained in the business.
“I am proud to hand the job over to the new owners who are family businesses with a long-term vision.
“I know they will fully embrace this vision and continue to empower our amazing team to take the group from strength to strength.
The Central Group opened its first department store in Thailand in 1956 and now has nearly 3,700 stores worldwide.
CEO Tos Chirathivat said it was a « privilege » to make the deal.
“As family businesses, Central and Signa will focus on delivering exceptional and holistic digital experiences to both locals and foreign visitors alike, ensuring that we give all stores in Selfridges Group a bright future for the next 100 years.”
Signa Holding was founded in 2000 and is the largest privately owned real estate company in Austria.
Signa Executive Chairman Dieter Berninghaus said: “Together we will work with the world’s leading architects to sensitively reimagine the stores in each location, transforming these iconic destinations into modern, sustainable and energy-efficient spaces, while remaining true to their architectural and cultural heritage.
« We plan to fulfill the vision of the late Galen Weston to deliver his master plan and create a high-quality retail environment for our customers and brand partners. »
« Spécialiste de la télévision sans vergogne. Pionnier des zombies inconditionnels. Résolveur de problèmes d’une humilité exaspérante. »