mohamed al-fayed

Harrods Sold To Qatar Royals' Holding Company

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

Harrods Says It's Not for Sale

by Jared Paul Stern (RSS feed) —

Filed under: Apparel

Mohamed Al-Fayed, owner of luxe London department store Harrods, the largest and one of the most luxurious in the world which holds royal warrants from the likes of the Queen, the Queen Mother and the Prince of Wales, has denied that he plans to sell the famed firm following reports to the contrary. "We do not comment on rumours or speculation," Harrods' director of public affairs told Retail Week. "That is neither to confirm nor deny that any discussions have taken place to sell the store. However, for some time we have been aware of gossip circulating over a possible sale, and we took the decision to reassure staff this morning that this was not the case via a store-wide announcement. We are happy to confirm that Harrods is not for sale and is not being sold." Estimates put the famed store's worth at over £2 billion should Al-Fayed change his mind.

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Tags: department store, Harrods, London, Mohamed Al-Fayed, Royal Warrant

Al Fayed Receives Modest Payout In Princess Diana Case

by Deidre Woollard (RSS feed) —

There's an intriguing update in the Princess Diana story. The AFP reports that a French court has ordered the authorities to pay Mohamed Al Fayed, the owner of Harrods department store and the father of Dodi Fayed, 5,000 euros over an inquiry into the car crash that killed Princess Diana, Dodi Fayed and their driver Henri Paul in Paris. Since the accident in 1997, Mohamed Al Fayed has claimed that the accident, which was caused when Paul attempted to elude paparazzi photographers, was part of a murderous plot.

In 2007, Al Fayed brought a case against the French state after a judge dismissed a challenge to the original inquest ruling which stated that the crash had been caused by the fact that Henri Paul was driving drunk. Al Fayed claim that the case had been slowed down by mistakes made by the judge in charge. This week the court ruled that court authorities were responsible for the problems had delayed that case several years and so Al Fayed is owed 5,000 euros compensation plus 3,000 euros in legal fees. It's a drop in the bucket for the billionaire department store owner but Al Fayed has said that he is delighted because the verdict shows that there has been a cover-up.

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Tags: dodi fayed, DodiFayed, henri paul, HenriPaul, mohamed al-fayed, MohamedAl-fayed, princess diana, PrincessDiana

Harrods to Expand Private Label Offerings

by Jared Paul Stern (RSS feed) —

Famed deluxe London department store Harrods, owned by the late Dodi Fayed's financier father Mohamed Al-Fayed, just announced plans to expand its private label product lines to put them on a par with the famous name merchandise it has long carried. Harrods branded products will soon include everything from golf and ski accessories to baby wear and plus-size collections, Vogue UK reports. The million square foot store, located in Knightsbridge, is the largest and one of the most luxurious in the world. It holds several royal warrants from the likes of the Queen, the Queen Mother and the Prince of Wales.

Tags: Department Stores, DepartmentStores, Harrods, London, Mohamed Al-Fayed, MohamedAl-fayed, Prince Charles, PrinceCharles, Queen of England, QueenOfEngland, Royal warrant, RoyalWarrant