Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

Middle east

Luxury store Harrods sold to Qatari royals

©

Text by News Wires

Latest update : 2010-05-08

The luxury London department store Harrods has been sold by Egyptian magnate Mohamed Al Fayed to the Qatari royal family's investment arm, a statement from Fayad’s representatives said Saturday.

AFP - Egyptian billionaire Mohamed Al Fayed has sold luxury London department store Harrods to Qatar Holding, the Gulf royal family's investment arm, Fayed's advisors Lazard said Saturday.
   
"The Al Fayed family trust, owners of Harrods, announce that they have today sold the Harrods Group to Qatar Holding," Lazard said in a statement.
   
Media reports suggest Al Fayed, who also owns Fulham football club, sold the store for 1.5 billion pounds (2.2 billion dollars, 1.7 billion euros).
   
Al Fayed is retiring after 25 years as chairman of Harrods to spend more time with his children and grand-children and believed Qatar Holdings would continue to promote it as a luxury brand, the statement said.
   
His son Dodi was killed in the 1997 Paris car crash that killed Princess Diana, and he spent 10 years trying unsuccessfully to prove their death was not an accident. A shrine to the couple remains in Harrods.
   
Al Fayed and his brothers bought a 30 percent stake in the House of Fraser group, which owned Harrods at the time, in 1983, and a year later bought the remaining shares in a bitter multi-million-pound takeover battle.
   
The deal was part of a long-running battle between Al Fayed and businessman Tiny Rowland that endured throughout the 1980s.
   
Since then Harrods, based in the exclusive Knightsbridge district of London, has maintained its position as one of the world's top department stores, favoured by celebrities and tourists alike.
   
"After 25 years as chairman of Harrods, Mohamed Al Fayed has decided to retire and to spend more time with his children and grand-children," Lazard International chairman Ken Costa said in the statement.
   
"He has built Harrods into a unique luxury brand with worldwide recognition" and wished to ensure this legacy would continue, he said.
   
Qatar Holding, only the fifth owner of Harrods since its creation in 1840, "was specifically chosen by the trust as they had both the vision and financial capacity to support the long term successful growth of Harrods", he said.

Date created : 2010-05-08

Comments

COMMENT(S)