VENTURE CAPITAL POST

Qatar's newly acquired luxury London department store, Harrod's, had laid out plans to undertake a multi-million renovation as part of the investment from the Gulf state in the world renowned brand. The main focus would be the infamous escalator, installed by previous owner Mohamed Al Fayed and was the first of its kind in the United Kingdom at the time of its installation.

The new escalator would rise to seven floors in the store with other improvements on it such as copper cladding and lighting globes. There would also be a glass chandelier centerpiece to be installed. The centerpiece was designed in the United States by Dale Chihuly, according to a report from The Telegraph.

According to Harrods Managing Director Michael Ward, "When Harrods' owners Qatar Holding, took over the business in May 2010, they publicly declared their desire to 'upgrade the monument' that is Harrods for all its customers. Thei latest investment reaffirms their commitment to maintaining Harrods' status as Britain's greatest retail destination and our customers can look forward to an optimised shopping experience."

The sovereign wealth fund purchased the Knightsbridge store back in 2010 for a reported GBP1.5 billion or USD2.4 billion.