Thailand's Chirathivats quietly bought Europe's luxury department stores

The Chirathivat family traces to 1927, when Tiang Chirathivat opened a shop in Siam; Central Department Store came in 1947, and by 2015 Central Group was Thailand's largest retailer with ~2,400 stores. Tos Chirathivat began buying Europe when crises cheapened prestige assets: La Rinascente in Italy (2011, ~$291M), Illum in Copenhagen (2013), 50.1% of Germany's KaDeWe Group (2015, via the now-wholly-owned Rinascente), and Globus in Switzerland with co-investor Signa (2020, more than CHF 1 billion including Zurich property).

In December 2021 Central and Signa bought Selfridges Group from the Weston family for about £4B ($5.37B) — 6.7x the £600M Weston paid in 2003 — absorbing Selfridges, Brown Thomas, Arnotts and de Bijenkorf (18 stores). Then Signa collapsed in December 2023. Central spent eleven months cleaning up: a majority of the Selfridges operating company (Nov 2023), the KaDeWe Berlin property (Apr 2024), and in October 2024 a rebuilt structure with Saudi Arabia's PIF buying out Signa's entire interest — Central 60%, PIF 40%, with fresh capital from both.

Central emerged as the outsider who outlasted his partner. Its official October 2024 figure: 40 stores in 34 cities across 7 countries under the group's European portfolio. In September 2025 it reallocated further, selling La Rinascente within the group for ฿14.7 billion and booking a gain of roughly ฿6 billion — the European collection has moved from accumulation to active portfolio management.

40 stores in 34 cities across 7 countries; Selfridges Group sales above £2.8B; and control after Signa's 2023 bankruptcy — Central 60%, Saudi PIF 40%.

Each deal used the same asymmetry: patient capital and operating experience against sellers who wanted out, half-and-half ownership to cap risk — which handed Central control when the partner blew up.

Unlisted family ownership lets the group hold through downgrades and distress that would force a listed company to sell — the patience is the strategy.

Cross-border empire-building works when you buy crisis-cheapened, brand-plus-property assets with patient capital and structured half-and-half JVs — the counterparty's distress is your future control.

Central ended 2024 with 40 stores in 34 cities across 7 countries, Selfridges Group sales above £2.8B, and an ownership structure rebuilt with Saudi PIF (60/40) after Signa's bankruptcy. In September 2025 it sold La Rinascente within the group for ฿14.7B, booking ~฿6B — a sign the European portfolio is now being actively managed for value rather than just collected.