The family of Canadian billionaire Galen Weston has won control of luxury goods retailer Selfridges PLC for $1-billion (U.S.), a move industry observers say will add more polish and European flair to Mr. Weston's high-end Holt Renfrew.

Mr. Weston's private family holding company, Wittington Investments Ltd., said yesterday that it has got the nod from 86.5 per cent of Selfridges' shareholders, enough to bag the deal.

The acquisition will be complete within 21 days, Alice Macandrew, a spokeswoman for Wittington, said in an interview.

The company has received acceptances from investors owning about 56.6 per cent of the stock; Mr. Weston holds 29.9 per cent.

In Canada, the acquisition will allow Holt Renfrew to pick up ideas and expertise from prestigious Selfridges -- and vice versa, Ms. Macandrew said.

"What works in one store might work in another store," she said, although she emphasized that the different retailers within Wittington will keep their separate management teams.

Industry watchers said the takeover will be a boost to Holt's, opening the way for it to introduce new international brands, innovative presentations and splashy event ideas -- all imported from Selfridges.

"It's a real coup for Holt's to be associated with Selfridges," said Richard Blickstead, a retailing consultant and former marketing executive at Holt's. "It's going to give Holt's a window on the world that's even bigger than the one it has today."

Mr. Weston always had an eye on an international acquisition as a way to bring more synergies and a wider style perspective to Holt's, said Mr. Blickstead, president of consultancy Phoenix 360 Solutions Inc. in Toronto.

The acquisition should translate into bigger profit margins for Holt's and for the parent company, as it capitalizes on opportunities to negotiate better deals with suppliers because of greater economies of scale, he said. And it should lead to better value for consumers.

Mr. Weston's family interests include upscale Brown Thomas in Ireland, British luxury food specialist Fortnum & Mason on Piccadilly in London and Associated British Foods PLC. In Canada, Mr. Weston is chairman of grocer Loblaw Cos. Ltd. and food giant George Weston Ltd.

Selfridges has enjoyed a turnaround during the past five years, transforming into a destination for stylish brands, unusual presentations and alluring in-store restaurants.

Its window displays and events have often been eye-catching. In May, its Body Craze exhibition focused on human bodies, tattoos and piercings. Last year, the flagship Oxford Street store was turned into a living celebration of the Indian film industry.

As well as the Oxford Street store, Selfridges has two stores in Manchester and sites under development in Birmingham and Glasgow. A handful of other stores are planned in cities such as Bristol and Leeds.

Mr. Weston's deep pockets may help to speed the expansion, or at least ensure it happens, observers said.

In fact, the Selfridges purchase is being done almost entirely on borrowed money, costing Canada's second-richest man as little as $5-million of his own cash.

Royal Bank of Canada is putting up the rest of the $1-billion that Mr. Weston is offering for Selfridges, according to loan agreements made public recently. The documents show that he pledged the retailer's assets and his holding company as collateral.

A source close to Wittington said Mr. Weston has the money to repay the loan, but those funds are currently tied up in other investments. "Clearly Wittington has a huge amount of resources at its fingertips."

Mr. Weston's bid became a shoe-in on July 4 when Aletheia Partners, backed by property investor Robert Tchenguiz, said it wouldn't take a run at Selfridges. This came after a protracted period of speculation about counterbids after Mr. Weston's initial offer in early May.

He is the world's 43rd-richest person, with a fortune of $6.2-billion, according to Forbes magazine. He ranks second in Canada to Ken Thomson, the controlling shareholder of publisher Thomson Corp.