So Harrods has been sold to the Qataris, who already own large chunks of other well-known British companies. Its colourful Egyptian owner, Mohamed Al Fayed, sold the famous London department store for £1.5 billion because he wants to spend more time with his children and grand-children - although he will stay on as honorary chairman.

What does this mean for customers?

There is not much detail so far, but the new owner, Qatar Holding, the Gulf state's investment arm, says it is serious about upgrading Harrods and will set out a "road map" for the next few months.

The Qataris have big ambitions overseas, including a flagship store in Shanghai. They are also thinking about launching a luxury online store and expanding the Harrods own-brand beyond the teddy bears and souvenirs.

A makeover of the Knightsbridge store could also be on the cards, alongside an expansion.

It's another trophy asset for Qatari Holding, which also owns chunks of Sainsbury's, the London Stock Exchange, Barclays and a property empire. It bought Harrods after months of talks and repeated denials.

"What I can assure you is Qatar Holding will do their best to upgrade this monument, to make it even greater and better for the tourism and also for the British people," said Sheikh Hamad bin Jassim al-Thani.