Iconic London department store Harrods was sold over the week-end to investment group Qatar Holding for a reported 1.5 billion pounds ($2.25 billion).
Owner Mohamed Al Fayed will remain as honorary chairman of the luxury retailer. "We are happy to acquire Harrods, a unique company that combines an iconic luxury brand and one of the most prestigious retail properties in the world with best-in-class financial metrics," said Ahmad Mohamed Al-Sayed, managing director and CEO of Qatar Holding. "This acquisition further expands our global portfolio of world-leading companies."
Harrods' managing director Michael Ward will also remain at the chain following the deal. Credit Suisse advised Qatar Holding on the transaction.
Qatar Holding is the strategic and direct investment arm of Qatar Investment Authority (QIA) which is a government authority.
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