Arnotts Has Just Been Bought By A Canadian Billionaire
Galen Weston has taken over yet another Irish department store
It's been announced that the iconic Irish store Arnotts has just been taken over by the Selfridges Group.
Selfridges Group is owned by Canadian billionaire Galen Weston, who added the Irish institution to his already burgeoning retail empire. This news comes shortly after another quintessentially Irish business, Tayto Crisps, was sold to a German company.
Arnotts made the announcement on Twitter yesterday.
We're delighted to announce we have joined one of the world’s leading department store operators, Selfridges Group! https://t.co/CHYY0zKdEU— Arnotts (@ArnottsDublin) November 2, 2015
Brown Thomas was already part of Weston's company, meaning that Selfridges Group now controls two of Ireland's leading department stores.
However, this change in management should not negatively impact the department store; in fact, the chairman of Selfridges Group is dedicated to upgrading it. Weston said,
Our priority will be to build on the legacy of this great Irish brand and we will look to enhance the customer experience while cherishing Arnotts unique heritage, which has been an essential part of Dublin’s retail landscape for over 170 years.
Selfridges Group now consists of Arnotts and Brown Thomas, Holt Renfrew in Canada, Selfridges in the UK and de Bijenkorf in the Netherlands.