End of an Era: Al Fayed Sells Harrods to Qatar Trust for $2.2b

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Mohamed Al Fayed, the legendary owner of iconic department store Harrods in London has sold the department store to holding company Qatar Trust for $2.2 billion, say industry insiders close to the deal.

"Mohamed Al Fayed has decided to retire and to spend more time with his children and grand-children," Lazard International Chairman Ken Costa said in a statement. "He has built Harrods into a unique luxury brand with worldwide recognition."

Al Fayed will become the honorary chairman of Harrods. No word yet on whether or how Qatar Trusts will change the landmark luxury store.
· Harrods sold for $2.2 billion to Qatar Holding [MarketWatch]
· Mohamed Al Fayed sells Harrods for $2.2 billion [Fashionista]