Al Fayed sells Harrods

LONDON: It is the most famous department store in the world, its signature logo recognised almost everywhere.

But yesterday, Harrods was sold to Qatari investors by its the flamboyant Egyptian owner, Mohamed al-Fayed.

For 25 years, ownership of the store gave Fayed access to the highest levels of European politics and society.

After his son Dodi died with Princess Diana in a car crash in Paris in 1997, al-Fayed devoted enormous amounts of time and money to pursuing his claims that that the couple were the victim of an establishment conspiracy led by the Duke of Edinburgh.

There was no immediate announcement about what would happen to the shrine he has built to Diana and Dodi on the ground floor of the Knightsbridge store. Al-Fayed was also building a shrine to pop singer Michael Jackson, a close friend of his.

Adviser Ken Costa said Fayed was retiring to spend more time with his children and grandchildren.

"In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid."

Qatar Holding, which has reportedly paid £1.5 billion ($3.1bn) for the business, will be the fifth owner since Henry Harrod started a small grocery shop in 1849.

- AP