The takeover of the Selfridges Group, including Brown Thomas and Arnotts, by the Thai based Central Group and Swiss headquartered SIGNA Holding has been completed.

The €4.7bn deal, which will see the Weston family relinquish control of the group, was first announced on Christmas eve.

The Selfridges Group includes 18 stores under four brands across three countries.

Among the brands are Selfridges in the UK, Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands.

These, the new owners said, will be integrated with Central and Signa's existing portfolio of 22 department stores.

It also has two more new outlets due to open in Dusseldorf and Vienna.

Tos Chirathivat, who is the executive chairman and chief executive of Central Group and Dieter Berninghaus, the chairman of Signa Holding will act as the new co-chairman of the expanded group.

"We are long-term investors with a well-established partnership and shared vision to reshape and reinvent the luxury retail industry," they said in a joint statement.

"We are committed to create the world`s leading luxury omni-channel platform for all our customers through both online and offline channels."

"We are excited to meet and work with our new colleagues, as well as brand partners to achieve this vision."

The chief executive of Central and Signa’s luxury department store group in Europe, Stefano Della Valle, will lead Selfridges Group under an expanded role.

Anne Pitcher, current Managing Director of The Selfridges Group, will remain on in the company’s management team until the end of the year.

The Canadian wing of the billionaire Weston family bought Selfridges for nearly £600m in 2003 and formed Selfridges Group in 2010, bringing their five department store brands under one group.

In February the group opened a new Brown Thomas outlet in Dundrum Town Centre.

It also recently completed a refurbishment of the Arnotts store on Henry St in Dublin.