Luxury department store Selfridges is poised to enter the Dutch market, with the acquisition of Dutch department store de Bijenkorf, or "the beehive" in translation. Selfridges acquired the 12 store group from the Maxeda RetailGroup for an undisclosed sum. The company further operates the luxury Irish department store Brown Thomas, and Canadian group Holt Renfrew.
De Bijenkorf is an iconic retail brand which has been operating since 1870. It is a Dutch institution and the country's leader in fashion and luxury goods across the Netherlands, although in comparison to Selfridges London, its fashion offer is tame and somewhat generic.
Following the completion of this transaction, the total turnover of Selfridges Group will be approaching £2 billion. This acquisition is part of the group strategy to own and operate premier luxury stores in select markets.
Selfridges Group Limited is expected to take ownership in early 2011. 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 Paul Kelly, Managing Director of Selfridges Group Limited.
W. Galen Weston, Chairman of Selfridges Group, said: "De Bijenkorf is an excellent addition to our portfolio of international stores. 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. I would personally like to congratulate Paul Kelly in his appointment as Managing Director of Selfridges Group Limited and am looking forward to the continuing success of the group under his management."
Images: De Bijenkorf