HARRODS sold for a record EUR 1,7 billion
Al Fayed, owners of HARRODS, the London luxury department store announced the sale of the store to QATAR HOLDING. Al Fayed motivated the sale with his intention to retire after 25 years. Al Fayed also owns English football club Fulham and the RITZ Hotel in Paris.
The record deal marks an important sign of recovery from the crisis, proving once again the timeless value of heritage luxury brands. Harrods has been not only a landmark of London but also a reference institution for all other international luxury department store chains.
The sale of Harrods has also kindled rumours of the imminent sale of the RITZ Hotel in Paris, the performance of which has been declining in recent years especially due to the lack of investment in renovation. The Ritz Paris, once considered the number one luxury Parisian hotel ranks low in all ratings, especially due to the declining quality of the product and its services.