Harrods Sold To Qatar Royals' Holding Company

by Jared Paul Stern (RSS feed)
May 8th 2010 at 2:01PM

Just last month we noted that Harrods owner Mohamed Al-Fayed had denied reports that the luxe landmark London department store was for sale. Now however in a stunning reversal Al-Fayed has sold the business to Qatar's royal family for more than £1.5 billion, or about $2.2 billion, and announced his retirement, the London Times reports. Harrods, the largest and one of the most luxurious stores in the world, holds royal warrants from the likes of the Queen, the Queen Mother and the Prince of Wales.

The bid from the Qatar Holding company was accepted because they would "maintain the traditions of Harrods", Ken Costa, chairman of Lazard International, the investment bank advising the family trust on the deal, told the paper. "After 25 years as chairman of Harrods, Mohamed al-Fayed has decided to retire and to spend more time with his children and grandchildren," Costa notes, adding, Fayed "wished to ensure that the legacy and traditions that he has built up in Harrods would be continued". Last year Harrods won a Readers' Choice Luxist award for Best Department Store.

[Thanks, Lana]

Tags: department store, Harrods, London, Mohamed Al-Fayed, Qatar, royalty, UAE, UK

Filed under: Apparel, Wealth

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Reader Comments (Page 1 of 1)

Angela May 10th 2010 9:25AM

Makes no difference to me. I accepted a long time ago that I'll never get there, if I did get there I wouldn't be dressed good enough to get in, and if I ever got in I couldn't afford to buy anything. Harrod's, IMO, is a "fairy tales do come true" kind of place. And I don't believe in fairy tales.

Lynn May 10th 2010 10:00AM

I've been to Harrod's many times, and there are many different social/economic groups represented by the customers. I'm middle-class, and have not been made to feel as though my patronage isn't welcome. And by the way, it's a fun store with a little (or a lot) of most everything.

Bill May 10th 2010 10:47AM

I've visited and shopped at Harrod's several times since 2002. I am impressed with it's broad range of products. The Food Areas are the most wonderous place to visit and have Lunch. The store is much like the stateside major department stores, just larger and a broader range of products. By no means is it an unaffordable store. The best time to hit Harrod's is the Winter Sales time in Europe and England. Great bargains in high quality goods can be found, and it's just plain fun to go.

Jean Hayes May 10th 2010 4:45PM

You can not even think to compare Harrods to a US department store, thats like comparing a Rolls Royce to a Ford

Octavio Zuaznabar May 10th 2010 12:01PM

I've been lucky enough to have the experience of shopping at Harrod's several times during the last few years. It is without any doubt, one of the most luxurious department stores I've ever visited and by no means it is unaffordable.
There are things there for every budget and all of it is presented with utmost taste and beauty. Its very hard for me when I am in London, not to go for a lunch at Harrod's Food quarters; which are beyond believe, and the quality of the food is like no other place I've ever been to.
Shirts in the men's section are unvelievably beautiful; quality socks; shoes, everything there smells great.
I just hope that the royal family is able to keep alive all the traditions of quality and good taste that Mr. Al Fayed have established at Harrod's during his tenure.

a33usdlvbag May 10th 2010 1:49PM

We live in San ANtonio and have a disabled young adult. The park has NO water fountains in the play areas. The fishing area is about an 8 x 8 square and you cannot cast and reel you just stand and hold a pole over the water. My youn adult and friends would not use the park as it is more designed for children under the age of 10. they tell me. And oh where are the gognitive and physically challenged employess.

noneyabusiness May 10th 2010 3:57PM

GOGNITIVE? That's one. Otherwise, what does your post have to do with Harrods?

a33usdlvbag May 10th 2010 1:50PM

look about my

Yon May 10th 2010 1:59PM

The new policy will be Sharia. No women will work there. No women allowed alone in the store without male relative escort. Suspicion of shoplifting = hand amputation. Haggling or arguing = tongue amputation. Staring = eye gouging. Not praying at prayer time = beating. Infidels not welcome in the store, even to make sales, cashiering, stocking, wrapping, clean it up, etc... Since Ayrubzs do not do any of the above menial work... Guess what.

CMccor8197 May 10th 2010 2:02PM

I spend a large amount of time in the UK and enjoy shopping at Harrods. ALL visitors are treated with respect and the staff is always top drawer. However, unless it has been very recently, the royal warrants of the Widsors have been revolked due to the insistence of Mohamed Al-Fayed that the royal family had Princess Diana and his son murdered. It will be interesting to see if the warrants are reinstated with the change of owners.

Kat May 10th 2010 3:24PM

Wondering if it was really his choice to sell. And to them? I have been expecting him to get run out since he demanded investigation into his son and Diana's "accident."

Carlo Oompah May 25th 2010 6:27PM

Now that Al-Fayed is retired, hopefully he will go back to where he came from now that he has no legitimate reason to remain in England. If he doesn't want to leave on his own, the royal family should arrange for his deportation. His son screwing around with Princess Diana is what led up to her getting killed.

Nancy May 10th 2010 5:16PM

Sad that a group from a Western country didn't buy it. Just another example that there's way too much money in the Middle East and those people have way too much power over us because of it. I'm often in London and will not shop at Harrod's now because of this ownership. I refuse to support any business owned by those who support terrorism in any way and Qatar fits that mold.

BLAB7700 May 16th 2010 2:02PM

I wonder if the wierd bronze statue of Di and Al-Fayed floating to heaven together and the associated display of engagement ring, champagne glasses (the last ones they drank out of), etc. will remain in the store or go with Papa Al-Fayed . You really have to see to believe.

Oskar Lievowitz May 17th 2010 7:54PM

Great that new ownership is about to happen at Harrod's. Al Fayed admitted to robbing his own security system at Harrod's. The store is a great big monstrosity. You have to pay a pound to use the toilet. You can get your pound returned when you buy some of the junk there.
When you enter the joint from the street the first booth is the one that pumps the goods of the Franklin Mint rip off wannabe collectibles. Not what a person should be viewing when entering a store of alleged class.
This Fayed family had and has the class of any midEastern shop haggler's dream come true.
The Royal Family long ago dropped their support of the clip joint.
Shop at some real English stores if you can find one left in England.
You might have to go to India to find a traditional English store.
Oskar