The Al Fayed family trust, owners of Harrods, announced that they have today sold the Harrods Group to Qatar Holding.
Ahmad Mohamed Al-Sayed, managing director and chief executive officer of Qatar Holding, commented:
“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. This acquisition further expands our global portfolio of world-leading companies.”
“We are delighted to announce that Mohamed Al Fayed has accepted our invitation to become Honorary Chairman of Harrods. We look forward to working with Michael Ward, Harrods' Managing Director, and the outstanding team that Mohamed Al Fayed has assembled to continue to maintain Harrods as the world's pre-eminent luxury retailer.”
Credit Suisse advised Qatar Holding on the transaction. (press release)