Selfridges owners pocket £38.5m as luxury-hungry tourists boost sales

 
Alys Key
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Galen Weston (right) and Hilary Weston (middle) are set to benefit from better business at the luxury retailer (Source: Getty)

The owners of luxury department store Selfridges pocketed an increased dividend this year as the business boomed.

The Weston family gained £38.5m for the year to January 2017, nearly triple last year's dividend.

It will provide a boost to the finances of Galen Weston and his family, who slipped in the Sunday Times Rich List earlier this year after its holdings in Primark owner Associated British Food declined in value.

The increased dividend comes off the back of stellar results for the store.

As City A.M. previously reported, sales at Selfridges jumped 16 per cent in the period to £1.6bn. This was mostly due to the influx of tourists to London, attracted by the weaker pound, who have also increased the amount they spend on luxury shopping.

Last week luxury giant Richemont said that the UK had been a standout performer in its European markets, delivering double-digit growth as demand for luxury items soared.

It also benefited from the redevelopment of stores outside of London, including Birmingham and Manchester.

The company will now be hoping to woo even more shoppers with its Christmas section, which has already been open for more than three months.

Read more: Does Christmas come earlier each year? Yes, if you are this retailer...

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