Harrods sold to Qatar Holding for ���1.5 billion?
The latest news is that Mohamed al Fayed, the business tycoon who has been controlling Harrods department store in London, UK for around 25 years, has sold the landmark business to investors from Qatar for ���1.5 billion ($2.22 bn)
The sale price of Harrods was not announced but it is believed that the deal is worth £1.5 billion ($2.22 bn). The Al Fayed family has agreed to sell Harrods group to Qatar Holding, was confirmed by Al Fayed’s advisers Lazard International. Al Fayed a native of Egypt, along with his two brothers bought Harrods in the year 1985. His son Dodi died in a car crash with Princess Diana in Paris in 1997. Since the last few years al Fayed has devoted much of his time and money to pursuing his claims that the couple was victims of a conspiracy. On Saturday, Ken Costa, chairman of Lazard International said that after 25 years as a chairman of Harrods, Mohamed al Fayed decided to retire and spend more time with his children and grandchildren. Costa added, "He has built Harrods into a unique luxury brand with worldwide recognition. In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid." Qatar Holding will be the 5th owner of Harrods store since Henry Charles Harrod started the business as a small grocery shop in the year 1849.
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