Harrods was sold over the weekend by Mohamed Al Fayed to the Qatari royal family’s investment company, Qatar Holdings, for £1.5 billion. Egyptian businessman Al Fayed held ownership of the iconic London department store for 25 years since buying it in 1985. He is now retiring to spend more time with his family, but will continue to promote Harrods as honorary chairman.
Qatar Holdings, which failed in a bid to buy Sainsbury’s in 2007, is also a major shareholder in Porsche and VW. Its chairman, Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, is also Qatar’s prime minister. The acquisition of Harrods was described by the Qataris as a ‘landmark transaction’.
Harrods, which was established in 1849, has over 90,000 sq m of selling space and 330 departments. Its motto is Omnia Omnibus Ubique – All Things for All People, Everywhere. Living up to its motto, the store draws 15 million shoppers a year.
on May 10th, 2010 at 3:33 pm
I wonder how this will affect the business, will it continue to cater to the mega rich and tourists or move in a new direction? They’ve recently been trying to grow their women’s fashion status although I’m not sure they can beat people like Selfridges & Liberty at this game. More importantly what will happen to the Diana and Dodi shrine?!