Irish department stores Arnotts and Brown Thomas have been sold to new owners as part of a €4.7 billion deal.
The department stores' parent group Selfridges has been sold to a Thai retailer and an Austrian property company.
The European firm involved - Central Group - says the acquisition would 'create one of the world's leading omni-channel luxury department store groups'.
Alannah Weston, current chair of Selfridges Group, said: “The acquisition of Selfridges Group by Central and Signa is testament to the successful realisation of my father’s vision for an iconic group of beautiful, truly experiential, department stores.
"Creative thinking has been at the heart of everything we did together for nearly twenty years and sustainability is deeply embedded in the business.
"I am proud to pass the baton to the new owners who are family businesses that take a long-term view. I know they will fully embrace that vision and continue to empower our incredible team to take the Group from strength to strength.”
The British chain's portfolio includes 18 sites across England, the Netherlands and Ireland.
Selfridges Group was owned by the billionaire family the Westons.
The Weston family's business empire spans Europe, the Americas, Australia, China and southern Africa, with the Irish members consistently named as Ireland's richest family.
Speculation about a potential sale of the Selfridges Group began earlier this year.
There's one Arnotts store in Dublin, while there are currently four Brown Thomas outlets across Ireland.
Work is also underway on a new 'flagship' Brown Thomas store in Dundrum shopping centre.
