Selfridges

"The woman who matters on this October day in 2021 is as wise as she is rich. Alannah Weston comes from one of the wealthiest Canadian trading dynasties, most recently leading the family-owned luxury department store Selfridges as its head. Now, after her father Galen passed away in April, the globally renowned shopping temple on Oxford Street in London, along with a further 17 properties, is set to change ownership."

"Alannah Weston and her family are among the wealthiest in the world, yet she has no money to spare. After all, Selfridges is not just any department store, neither for the owner nor for the employees and the customers. This luxury monument attracts six times as many visitors annually as the Tower of London. Who can estimate what a private equity firm would do with such a jewel? How would that be received by the English? Benko courts and argues: He respects the tradition, the treasures in his luxury empire he sees as a long-term investment."

"In August 2022, Signa even closed the biggest deal in its history: Benko, with his Thai partners from the Central Group, bought the British luxury department store chain Selfridges for 4 billion pounds. And in Hamburg, Signa had already made all the preparations for the construction of the 245 meters tall Elbtower. The contract with the city was long signed, the excavation pit was dug, and the construction started promptly in January 2023."

"The collaboration with his merchant Dieter Berninghaus seemed most likely to develop into a friendship. Operating as "B and B," the two, some who had previously felt closer to the sun named Benko, complained that Berninghaus monopolized the contacts. And indeed, Berninghaus could afford to ask Benko to wash his hair before a joint business meeting. However, Berninghaus was important between 2013 and 2022 mainly because Signa spectacularly expanded its trade business, and Benko understood less about it than Berninghaus did. Moreover, the merchant had good contacts with wealthy people worldwide, who could be business partners and potential investors. Today, B and B are outright enemies. Benko probably eventually saw that Berninghaus was representing the interests of other investors in the holding rather than his own, and suspected Berninghaus of switching sides. The merchant, in turn, felt deceived by Benko when he tricked during the takeover of the British retail chain Selfridges and offended long-standing partners like the Thai Central Group."