Mohammed Al Fayed has sold the iconic British department store Harrods to Qatar’s royal family for a staggering £1.5 billion. It is rumoured that Al Fayed has been secretly been trying to sell Harrods, whose portfolio includes numerous properties in Knightsbridge and Brompton and a private jet company, for over a year but is also sad to see it go.
“At 77, Old Father Time has caught up with Mohammed,” a friend of the Egyptian said. “Despite his great energy, he feels it is appropriate to hand over the reins. It makes more money per square foot than any other store in the world and attracts 15 million customers a year. That is quite some legacy for the son of a primary school teacher.”
Al Fayed bought the stuffy store back in 1985 when it was a royal favourite and its clientele was from a ‘certain’ background. He transformed it with his own ostentatious and flamboyant style and while not everyone likes what the store now represents, there is no denying he changed it into an internationally renowned and desired brand worldwide.