Selfridges sized up by Thai-based conglomerate amid possible takeover

Selfridges has been sized up by a Thai-based conglomerate which owns Italian department store Rinascente amid a possible takeover.

Central Group, which is controlled by the Chirathivat family is weighing up a multibillion pound takeover bid of the globally renowned department store, according to Sky News.

The group has reportedly been working with investment bankers to thrash out a possible deal for Selfridges.

However, despite this, there has been no guarantee that a formal bid would be tabled by the Asian group as of yet.

If the deal does go through, it could mean the return of Vittorio Radice, who ran the store between 1996 and 2003.

Radice moved to Rinascente before it was acquired by Central Group in 2011 and has continued to work for the department store since.

READ MORE: Selfridges ponders selling off ecommerce operation

According to Sky News, there was a possibility that a bid from Central Group could be constructed with backing from a number of investors.

Selfridges has been up for sale since earlier this year, with an asking price of $4 billion, which followed an approach from an unidentified buyer.

It remains to be seen whether the buyer is still interested in purchasing the luxury store, with the Qatari sovereign wealth fund and Hong Kong department store-owner Lane Crawford all reportedly touted as prospective buyers.

Experts expect the process to continue into the early part of next year, however it is possible that a deal could be thrashed out before that.

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