Selfridges’ Thai co-owner says it overpaid for luxury store portfolio

Head of Central Group family conglomerate says higher global interest rates make original £4bn price tag less attractive

One of Thailand’s richest families believes it overpaid for its acquisition of Selfridges and a handful of other luxury department stores in Europe as part of a £4bn deal in 2021. Tos Chirathivat, executive chair and chief executive of family conglomerate Central Group, whose operations span retail, hospitality and real estate, told the Financial Times the price was “high” in hindsight, given increased interest rates globally.

However before Signa’s collapse, Central began to have concerns about its debt levels. Chirathivat added that Central had no knowledge of Benko subsequently doing a deal with the PIF, which meant the Saudi group had a stake of about 10 per cent before agreeing its own deal with Central to increase this to 40 per cent. “He only told us later when it was done . . . that he sold part of it to the PIF.

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