LONDON — Selfridges is turning over a new leaf after Saudi Arabia’s Public Investment Fund, PIF, took a 40 percent stake in the luxury department store last October, replacing René Benko’s troubled Signa property company as a significant minority investor.
With PIF bringing stability, it’s back to work for the Central Group, which is Selfridges’ majority shareholder after the Thailand-based company increased its stake to 60 percent as part of the deal, the terms of which were not disclosed.
On the shop floor of the London store, Judd Crane, executive director of buying and brand at Selfridges, is putting his focus on exclusivity.
“We’ve seen success by scaling direct to consumer businesses with a focus on exclusivity,” he said.
In the past season Selfridges has opened spaces ranging from ones for Miu Miu and Celine accessories to a Peter Marino-designed Tiffany & Co. shop, as well as those for Moncler, Loewe, Golf Le Fleur and Adanola.
Selfridges has also introduced 29 new businesses to its customers with 32 pop-ups and immersive moments, which usually take place at the Corner Shop space that faces Oxford Street and is a first point of contact for many visitors.
“In the Corner Shop, we’ll continue to mix the most wanted with the unexpected through big brand residencies and the Selfridges-led creative experiences that set us apart. We had over 60,000 visitors to this year’s Joke Shop, a concept created and designed in-house,” Crane said.
On Jan. 16, running shoe brand On will take over the Corner Shop space, which has previously been occupied by Louis Vuitton, Martine Rose x Clarks, Celine, Prada, Omega, Fenty Hair, Telfar and Valentino.
According to Crane, beauty is a big area of focus for Selfridges in London as it’s been “trading very positively” since the department’s renovation, with a 10 percent increase versus 2023. The Selfridges store in Birmingham will also be getting a renovation.
“We’ve seen a really strong increase in beauty appointments, a 22 percent increase versus last year and appointments at our beauty concierge have seen the biggest increase at a 135 percent increase versus the year before,” he added.
Another successful Selfridges project has been ReSelfridges, the store’s circularity program that has partnered with Vintage Threads, Repairs by Sojo and Hurr.
Nike x Jacquemus at Selfridges.
The London and Birmingham stores each has a permanent ReSelfridges Accessories space, where sales of pre-loved bags are up by 56 percent and watches by 90 percent compared to the year before.
Crane reiterated that Selfridges’ strategy has an “even sharper focus on all customer touchpoints, with food, lifestyle, beauty and entertainment as entry points to our fashion offer and the Selfridges brand experience.”
The luxury department store is doubling down on its creative ambitions with an art installation commission from British artists William Cobbing at the London store’s Duke Street entrance, while Fromm, the British 3D studio founded by Vince Ibay and Jessica Miller, will be taking over the Duke Street windows.
On the lower ground floor, Sarabande brands 8 Holland Street and House of Bandits will each present two pop-ups, respectively.
“8 Holland Street…Have a Seat…” will feature 100 chairs, stools and seating designs from the 20th century. Each piece in the collection will be available to purchase in store and will be accompanied by a selection of books, cushions, textiles and ceramics.
House of Bandits will be opening a concept store and gallery that will include a program of talks, artist residencies and VIP events.
Tiffany & Co. at Selfridges.
To celebrate Sarabande’s studio’s 10th anniversary, Selfridges will be opening its doors to sharing the work of 280 artists, with all sales going toward supporting the foundation and the artists.
The celebration comes after a rocky year at the department store, which has witnessed C-suite reshuffles and job cuts.
As reported in July, Selfridges chief executive officer Andrew Keith resigned. He joined the department store as managing director in 2020 and pushed Selfridges’ ambitious green agenda. His tenure was certainly eventful, encompassing the COVID-19-related lockdown and travel restrictions, the sale of Selfridges, the bankruptcy of its co-owner Signa, and a round of layoffs.
André Maeder, CEO of Selfridges Group, took over Keith’s responsibilities in the fall.
The group comprises Selfridges in the U.K., De Bijenkorf in the Netherlands and Brown Thomas Arnotts in Ireland.
In May, he revealed that the store was planning to cut 2 percent of its headcount, or 70 roles, in what has been a challenging period for British retail, and for the luxury business.
The job cuts pertained to “specific head office functions,” rather than shop floor staff. Selfridges blamed the cuts on “market conditions, and the evolving needs of our customers” as well as the cancellation of the tax-free shopping program in the U.K., which effectively gave foreign shoppers a 20 percent discount on their purchases.
Now Selfridges aims to begin to write a new chapter under a new CEO and with the Central Group in control, with PIF bringing more order to its ownership.
Tos Chirathivat, the executive chairman and CEO of Central Group, said the partners are “ready to embark on a new chapter of development and growth supported by the shared long-term vision of its shareholders,” and argued that PIF was the right choice of investor.
“We are confident that PIF’s proven global track record of investments, combined with our luxury retail industry expertise, brand management skills and innovative approach, will allow Selfridges Group to continue to flourish for the benefit of all its stakeholders,” he added.
