Retail Empire: Al-Fayed's back: online

Mohamed al-Fayed is to return to shopping with a new online retail empire.

The Fulham FC chairman and former Harrods owner is in talks to buy the online fashion business, Cocosa, from Bauer Media – which owns Grazia magazine and Kiss radio station.

Cocosa, a private membership fashion website set up in 2008, has more than 400,000 members. It sells luxury brands at discount prices to its members.

Mr Fayed sold his Harrods business for £1.5bn to Qatar Holdings last year. If talks are successful to buy Cocosa, he will use the business as the launch pad for his online retail empire.

Last month two colleagues from Balnagown, his Highland estate business – Jeffrey Byrne and Robert Fallowfield – were registered as directors of a newly set up business called Cocosa Lifestyle.

Cocosa is run by managing director Linda Peters. If Mr Fayed takes over, her future role is unclear.