SELFRIDGES GROUP LIMITED TO ACQUIRE DUTCH DEPARTMENT STORE CHAIN, DE
BIJENKORF
LONDON, UK, Nov. 16 /CNW/ - Selfridges Group Limited, announces today (16 November 2010) its intention to acquire the Dutch luxury department store de Bijenkorf in the Netherlands from the Maxeda Retail Group for an undisclosed sum, subject to consultation with the Works Councils, approval by the relevant competition authorities and the trade unions being informed. The chain of 12 department stores will be owned by Selfridges Group Limited, a family owned business formerly known as the Wittington Fashion Retail Group. Selfridges Group has extensive know-how and experience in operating luxury fashion retail stores: Selfridges (UK), Brown Thomas (Ireland) and Holt Renfrew (Canada) are iconic brands with a long heritage, offering customers a truly extraordinary shopping experience with the most exclusive brands in a world-class environment.
De Bijenkorf is an iconic retail brand which has been operating since 1870. It is a Dutch institution and the country's leader in fashion and luxury goods across the Netherlands.
Following the completion of this transaction, the total turnover of Selfridges Group will be approaching £2 billion. This acquisition is part of the group strategy to own and operate premier luxury stores in select markets.
Selfridges Group Limited is expected to take ownership in early 2011. De Bijenkorf will maintain its identity and continue to operate as a stand-alone business run by the management team in the Netherlands, reporting into Paul Kelly, Managing Director of Selfridges Group Limited.
W. Galen Weston, Chairman of Selfridges Group, said: "De Bijenkorf is an excellent addition to our portfolio of international stores. This is an exciting opportunity for us to expand in Europe. Our long term view and strong financial position will further enhance de Bijenkorf and offer a world class experience to all parts of the Netherlands. I would personally like to congratulate Paul Kelly in his appointment as Managing Director of Selfridges Group Limited and am looking forward to the continuing success of the group under his management."
Selfridges Group Limited is a subsidiary of Toronto-based Wittington Investments, Limited. The Chairman of both companies is W. Galen Weston.
Editor's notes:
ABOUT BROWN THOMAS
Brown Thomas has been a leader in fashion and style in Ireland since its inception in 1849. Opened by haberdashers and general drapers Hugh Brown and James Thomas on Grafton Street, the business flourished through generations and through different owners. In 1971 and under threat of closure, W. Galen and Hilary Weston bought Brown Thomas and began the transformation into the prestigious department store that it is today. From designer fashion and fine jewellery to accessories and beauty Brown Thomas is Ireland's landmark destination for both Irish and international fashionistas - it proudly takes its place on the international stage of luxury retailing. Brown Thomas has 1,900 employees with four stores in Dublin, Cork, Galway and Limerick. Brown Thomas also operates a BT2 chain with three stores in Dublin. For more information visit brownthomas.com
ABOUT HOLT RENFREW
Once a purveyor of fashion to Her Majesty Queen Victoria, Holt Renfrew began in 1837 as a modest hat shop in Quebec City. Over the years the brand developed and expanded across Canada . In the 1930's Holt Renfrew began exclusive accounts with some of the best designers in Europe and in 1947 hosted Monsieur Christian Dior when he launched his "New Look". After many years of foreign ownership Holt Renfrew was bought in 1986 by W. Galen and Hilary Weston. Under their ownership Holt Renfrew was revitalised with new store designs and designer brand boutiques. Today Holt Renfrew is Canada's only destination luxury retail store with some of the best names in men's and women's designer fashions. Holt Renfrew has 2,300 employees with nine stores in Vancouver, Calgary, Edmonton, Montreal, Quebec City, Ottawa and Toronto (Bloor Street, Sherway Gardens, Yorkdale Shopping Centre). For more information visit holtrenfrew.com
ABOUT SELFRIDGES
The business was founded by American entrepreneur Harry Gordon Selfridge in 1909 as an example of the first modern department store. Gordon Selfridge ran the store himself until he retired in 1940. After several ownerships the company was de-merged from the Sears Group in 1998 and floated on the London Stock Exchange. In 2003 W. Galen Weston purchased Selfridges and under his ownership Selfridges has become a UK destination for fashion and luxury. In June 2010 Selfridges was named Best Department Store in the World by the IGDS (Intercontinental Group of Department Stores) and the IADS (International Association of Department Stores). Selfridges has 6,400 employees with four stores in London, Birmingham and Manchester (Trafford Centre, Exchange Square). For more information visit selfridges.com.
For further information:
Sally Scott
T: +44 07725 798 372
E: [email protected]
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