Qatar in talks to open Harrods store in Shanghai
Gulf investors plan overseas expansion following $2.2 billion acquisition of famous London department store.
May 10, 2010 2:21 by Ben Flanagan
Qatar Holding is considering opening a branch of Harrods in Shanghai following its recent acquisition of the famous London department store.
The sovereign wealth fund bought Harrods from Egyptian billionaire Mohammed al-Fayed for $2.2 billion over the weekend, following months of negotiations.
Overseas expansion is now on the agenda. One person familiar with the sovereign wealth fund told the FT today that opening a branch of Harrods in China is on the agenda.
“Conventional wisdom is that it would be unwise to open in Paris, New York or Madrid because people there are close enough to be drawn to London,” the unnamed source told the newspaper.
“There have been significant discussions about whether to open in Shanghai, but will it be sufficiently far away and different from London not to cannibalise the brand?”