LONDON — Selfridges Group Ltd. is adding to its stable of retail brands.
The group, parent of the British department store, said this week it plans to acquire the Dutch luxury retail chain de Bijenkorf from the Maxeda Retail Group for an undisclosed sum.
De Bijenkorf, Holland’s leading fashion and luxury goods retailer, has been in operation since 1870, and has a chain of 12 stores. Selfridges Group is expected to complete the deal and take ownership in early 2011.
“De Bijenkorf is an excellent addition to our portfolio of international stores,” said W. Galen Weston, chairman of Selfridges Group.
“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,” he said.
The company said Paul Kelly has been named managing director of Selfridges Group Ltd., and will oversee the new business. Kelly was formerly chief executive officer of Selfridges and retailer Brown Thomas in Ireland.
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 Kelly.
Selfridges added that the planned acquisition is part of the group strategy to own and operate premier luxury stores in select markets.
After the purchase, the total turnover of the Selfridges Group, which includes Selfridges, Brown Thomas and Holt Renfrew, will be about 2 billion pounds, or $3.2 billion at current exchange, the company said.