After owning famed British department store Harrods for the last 25 years, businessman Mohamed Al Fayed has brokered a deal to sell for a reported $2.2 billion.
The new owners? Qatar Holding, a private equity firm run by the Qatar royal family, which already owns stakes in London’s Canary Wharf, Sainsbury grocery stores and British bank Barclays.
For a long while, there were rumors Qatar Holding might buy French fashion house Lanvin.
It’s no surprise Al Fayed has decided to sell.
Lazar International, the company that brokered the deal, said in a statement to the press that the billionaire wants “to retire and spend more time with his children and grand-children.” And given the fact department stores–even those that serve as tourist destinations–continue to see declining sales, this is probably the largest sum of money Al Fayed will ever see for Harrods.