According to Scotland Yard, a group of six men, all reported to be dressed in 'Burqas' and armed with axes, smashed glass cabinets and made off with a number of high value watches from Selfridges in central London, last night.
Detectives from the Metropolitan Police's Flying Squad are investigating the incident.
"This was a brazen robbery, and appears to have been well planned and thought through. Fortunately no one was injured. The store was very busy and this will have been a shocking thing for people to witness," Detective Chief Inspector Andy Noyes, from the Met's Flying Squad, said.
The group of men fled the shop and are reported to have made their getaway on mopeds and motorbikes, ridden by associates.
Two of the suspects came off their moped nearby on Charlotte Street in central London and members of the public prevented them from leaving, until officers arrived on scene.
Police have recovered a number of watches from near the scene of the crash.
One of the men was arrested in connection with the robbery and taken to a central London police station where he remains in custody.
Two other motorbikes, believed to have been used in the gang's getaway, have been recovered by police in the Paddington area.
A message posted on Selfridges' Twitter feed read: "Hi, we just want to let you know that everyone is safe and the police are investigating. We will update you once we have more information."
The raid took place 30 minutes before the world famous department store was due to close at 2100 local time yesterday.
Onlookers posted photographs of the scene on Twitter, including one showing tiny pieces of broken glass and another showing two axes.
The flagship store in London's Oxford Street is the second largest shop in the UK after the equally famous Harrods.
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