The Al Fayed family trust (the "Trust"), owners of Harrods, announce that they have today sold the Harrods Group to Qatar Holding.
Ken Costa, Chairman of Lazard International, said:
"After 25 years as Chairman of Harrods, Mohamed Al Fayed has decided to retire and to spend more time with his children and grand-children. He has built Harrods into a unique luxury brand with worldwide recognition. In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid. Qatar Holding will become only the fifth owner of Harrods since its creation, in 1840. Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the long term successful growth of Harrods.
Of paramount importance to Mohamed Al Fayed was to ensure that the Harrods staff would find in QH an owner who would be supportive of their efforts to maintain the traditions of Harrods." Lazard & Co., Limited advised the Trust on the transaction.
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For more information, please contact:
Lazard
Ken Costa
Chairman of Lazard International
Melanie Gee
Managing Director
Tel: +44 (0)20 7187 2000
Brunswick
Andrew Garfield
David Yelland
Richard Jacques
Tel: +44 (0)20 7404 5959
© Press Release 2010
