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."
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