Selfridges owner looks to America

GALEN Weston, the Canadian billionaire who bought department store group Selfridges for £628m last July, wants to buy an upmarket store chain in the US.

Weston's private investment vehicle, Wittington Investments, already owns Selfridges, Brown Thomas in Ireland and Holt Renfrew in Canada. He plans to use the buying power given to him to secure greater trade discounts with designer brands.

According to a source close to the company, although 'significant' savings have been made in deals with top labels, Weston is aiming for even larger cost reductions.

'He (Weston) knows the real buying muscle will only happen if he owns a chain in America too,' said the source.

Earlier this month, Weston's daughter Alannah, who is a non-executive director of Wittington, was also appointed creative director of the Wittington Fashion Retail Group.