Business

New owners of Arnotts and Brown Thomas complete takeover deal

The Brown Thomas store on Dublin's Grafton Street.

IRISH department stores Brown Thomas and Arnotts officially have new owners after the takeover of the Selfridges Group was completed by the Thai based Central Group and Swiss headquartered SIGNA Holding on Thursday.

The €4.7 billion (£3.97bn) deal will see the Weston family relinquish control of the Selfridges retail empire, which spans 18 department stores under four brands in three countries.

The company was founded in 1908 but has been controlled by the Weston family since 2003.

The family also have a large stake in Primark.

Tos Chirathivat, chief executive of Central Group and Dieter Berninghaus, the chairman of Signa Holding, have been named the new co-chairs of the expanded group.

In a joint statement, they said: “We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry.

"We are committed to create the world`s leading luxury omni-channel platform for all our customers through both online and offline channels.

"We are excited to meet and work with our new colleagues, as well as brand partners to achieve this vision."

Business