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After 25 Years, Mohamed Al Fayed Sells Harrods for $2.2 Billion

>> Despite saying just last month that he planned to own London institution Harrods for the rest of his life — and when he died he hoped to be entombed in a mausoleum on the store's roof — Mohamed Al Fayed ended his 25-year reign of the store over the weekend by selling to Qatar Holding for an estimated 1.5 billion pounds (approx. $2.22 billion).

Al Fayed had no obvious successor — none of his four living children are involved in the day-to-day operations at Harrods — and his banker, who brokered the deal, said that 81-year-old Al Fayed had decided to retire and spend more time with his children and grandchildren.

Under Qatar Holding, Al Fayed will assume the new title of honorary chairman, and a source close to the new owners told WWD there would be “no lurches in strategy. This is a financial transaction.” The store is also said to have an exclusive on Tom Ford's womenswear when it launches.

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