What: After almost 20 years as managing director, Anne Pitcher announced her departure in addition to the completion of the reportedly 4 billion pound deal for Central Group and Signa Holding to jointly take over Selfridges and its portfolio.

Why it is important: Central Group and Signa Holding plan to create a leading luxury omnichannel platform and reshape luxury retail through the acquisition by updating the F&B offers, integrating the e-commerce platforms and redeveloping the hotel sites.

The deal includes the Selfridges Group’s portfolio made up of 18 department stores, including Selfridges in London, Manchester and Birmingham. As well as locations de Bijenkorf in the Netherlands; Brown Thomas and Arnotts in Ireland, and their associated e-commerce platforms and the properties in London, Manchester and five locations in Ireland. The Selfridges’ portfolio will be integrated with Central and Signa’s combined existing portfolio of 22 luxury department stores and two new stores opening soon in Dusseldorf and Vienna.

Anne Pitcher will remain on the leadership team until the end of the year to ‘ensure a smooth integration.’

Anne Pitcher resigns as Selfridges acquisition is finalized