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Frasers Group acquires Harvey Nichols out of administration
The acquisition adds six stores, including Knightsbridge flagship, and 1,000 employees to Frasers' luxury portfolio. CEO warns of tough choices ahead.
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Frasers Group (FRAS) has acquired Harvey Nichols out of administration. The deal includes six stores, the Knightsbridge flagship, the online business, and inventory. It also covers more than 1,000 employees. The price was not disclosed.
Former owner Sir Dickson Poon put the chain up for sale in June. Next and Frasers Group bid for it. Poon was seeking £50 million to £60 million, the Financial Times reported. Mike Ashley, Frasers' owner, told the FT he expected to pay closer to £40 million.
Harvey Nichols posted five years of consecutive losses. In 2024 it reported a pre-tax loss of £35.3 million. Management blamed the cost of living and inflation. Retail experts said the brand lost its identity and lacked a digital presence.