After rumours first surfaced of a potential sale of UK based Selfridges around 6 months ago, it has now been confirmed that the group has been sold for a hefty and substantial sum. Thai retail group Central Group and Austrian property company Signa Holding have join-acquired the group for an estimated £4 billion.

Founded in 1908, Selfridges has been a long-standing addition to London's famous Oxford Street shopping destination, with millions of tourists and locals visiting the store on a yearly basis.

The deal itself will include all four Selfridges stores located in London, Birmingham, Manchester Exchange Square & Manchester Trafford, as well as Arnotts in Ireland and the Netherlands-based De Bijenkorf store group. Property assets are also included within the deal, meaning the new owners will have the freedom to alter and expand on existing locations. With that said, there are already rumours that the new owners plan to build a luxury hotel next to the London store.

As many sneakerheads know, London's Selfridges plays host to top sneaker retailer Offspring, so only time will tell whether or not this latest deal will see improvements to the Streetwear Hub. In other news, an adidas x Gucci collaboration could be on the way.