Thai retail conglomerate Central Group and Signa Holding have completed their acquisition of UK department store chain Selfridges Group from the billionaire Weston Family. 

The US$5.37 billion deal, disclosed last year, will see Selfridges Group join Central and Signa’s existing portfolio of 22 luxury department stores and two new stores to open in Dusseldorf and Vienna. Selfridges Group has 18 stores under four banners in three countries. 

Current MD of The Selfridges Group, Anne Pitcher, will resign from her role at the end of the year following the deal’s closure. CEO of Central and Signa’s luxury department store group in Europe, Stefano Della Valle, will lead Selfridges Group under his expanded role. 

Meanwhile, Tos Chirathivat, executive chairman and CEO of Central Group, and Dieter Berninghaus, chairman of the executive board of Signa Holding will be the new co-chairman of the group.

“We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry,” Chitathivat and Berninghaus said in a statement.

“We are committed to creating the world’s leading luxury omnichannel platform for all our customers through both online and offline channels.”