Harrods sold in £1.5bn deal

Harrods has been sold by owner Mohamed al-Fayed to the Qatari group in a £1.5bn deal.

Mohamed al-Fayed
Mohamed al-Fayed

Qatari Holdings, the investment arm of the Qatar Investment Authority, also has a significant stake (26%) in Sainsbury’s as well as VW-Porsche and the luxury hotel chain Fairmont.

Harrods is the most recent UK acquisition by the Gulf investment group, which is owned by the Qatari royal family and chaired by Sheikh Hamad al-Thani, the Qatari Prime Minister.

Al Fayed had previously denied that the luxury department store was up for sale following rumours of an unsolicited bid from the Gulf group. He has owned the luxury store since 1985.

He will become honorary chairman of the store but will not be involved in running the store.

In a statement Lazard International, which advised Al Fayed on the sale says the department store was sold to Qatar Holdings because it has the “vision and financial capacity to support the long term successful growth of Harrods.”

The store in Knightsbridge is a major tourist destination in London.

Al Fayed also owns Fulham Football Club, but has denied that he is also thinking about selling the club.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here