Luxury department store, Harrods is currently negotiating the possibility of launching its first branch outside the UK in Shanghai’s Bund area.
However, if the talks resulted in a partnership with Shanghai’s municipal government, it would take around two-and-a-half years to finalize the project.
“China is the most probable [option for a foreign branch], but we would have to do a lot of work first”, Harrods managing director, Michael Ward said.
After London’s most famous department store Harrods changed hands this weekend, new owner, Qatar Holding is considering a Chinese branch.
The company behind the investments of the Qatari royal family bought the store on May 8 for £1.5 billion after months of negotiating between Qatar Holding’s CEO, Ahmad al-Sayed, and former Harrods owner, Mohammed al-Fayed.
Now, new projects are on the horizon for the British house, including a new luxury online store and expanding the house name brand beyond souvenirs.