LONDON-Two days after buying the famous Harrods here for $1.9 billion, Qatar Holdings, the investment arm of the Middle East nation, is considering opening up a similar store in Shanghai, China, according to a report by the Financial Times. The iconic London store is the largest of its kind in the country, with more than one million square feet of retail in at least 300 departments.
The Al Fayed family sold the Harrods Group to Qatar Holding on May 8. Credit Suisse advised the buyer on the transaction. “It is a privilege for us to acquire Harrods, a unique company that combines an iconic luxury brand and one of the most prestigious retail properties in the world with best-in-class financial metrics,” said Ahmad Al Sayed, CEO and managing director of Qatar Holding, in a statement. Mohamed Al Fayed will become an honorary chairman of Harrods.
In an interview, Al Sayed his priorities include investigating whether a store in Shanghai serving Southeast Asia makes sense, as well as considering a renovation project for the London store and the creation of an online Harrods.
Al Fayed reportedly bought the store in 1985 for $797 million. This purchase by Qatar Holdings joins other international investments by the company since the economic downturn, including buying into Barclays, Porsche, Volkswagen and the London Stock Exchange. You can read the Financial Times article here.
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