Qatar to take over Saks Fifth Avenue?

July 21, 2013 2:33 pm

Qatar to take over Saks Fifth Avenue?

The US media reports that the bidders hoping to buy US luxury department store chain Saks Fifth Avenue, expects Qatar to be the Middle East supreme money reserve.

Saks Fifth Avenue, which has stores in Saudi Arabia, Bahrain and the UAE, was established in 1898 in New York.
Based on reports of the latest bidders, Saks’ shares rose 8 percent on Friday.
Overall this year, their shares are increased 51 percent.

The New York Post newspaper said that the unnamed fund was most likely to be Qatar and is part of three investors which want to own the large department store chain.
Barry Sternlicht and Hudson’s Bay are other bidders in the race. Barry Sternlicht is the New York real estate tycoon who formed the W Hotels chain while Hudson’s Bay is the Canadian group that owns the department Store Lord & Taylor. The report added that Sternlicht’s bid has highest chance of winning.

Qatar, which already owns the luxury London department store, Harrods, has plans to develop the retail brand into the hospitality sector.

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