Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
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]