Harrods to reopen on November 4 after major store renovations

By Marc Castro

Oct 20, 2013 11:40 AM EDT

London luxury retailer Harrods, which was taken over by Qatar Holding back in 2010, was paid out GBP68.6 million or USD111 million dividend to the sovereign wealth fund. This was reported by the department store last Sunday.

The payment comes after the store had posted 1.8% increase in pre-tax profit for the year ending February. This is an all time high of GBP92.5 million which was fueled by 10% increase in sales totalling GBP765.4 million, according to facts collated by the UK's Sunday Times.

Last month, Harrods was reported to undertake a multi-million refurbishment plan as part of the fund's investment in the UK iconic brand. The renovation would be the iconic escalator, which has been in the store for decades and was the first of its kind in the United Kingdom.

The new renovations would be unveiled in November 4, according to a Harrods spokesperson. Qatar Holdings had purchased the Knightsbridge store in 2010 for a reported GBP1.5 billion or USD2.4 billion from its former owner Mohamed al-Fayed. Up until last year, the new owner had spent GBP107.8 million in upgrades for the store.

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