LONDON: Saudi Arabia’s sovereign wealth fund said it will buy 40 percent of luxury department-store group Selfridges following the collapse of Austrian conglomerate Signa.

The Saudi Public Investment Fund (PIF) announced late Monday that it would partner Thai-based Central Group, which became 60-percent owner of the business when its Selfridges partner Signa collapsed in late 2023.

“Today we are glad to welcome our new partner PIF, and together we will immensely strengthen the Selfridges Group’s financial position,” Central Group chief executive Tos Chirathivat confirmed in a statement Tuesday. “The Group is ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders.”

Selfridges Group owns and operates 18 premier luxury department stores across three countries, including its flagship Selfridges store in London, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores,” Turqi Al-Nowaiser, deputy governor and head of PIF’s international investments division, said in a separate statement.