Can Harvey Nichols find its way back to being Absolutely Fabulous again?
Mike Ashley says it’s in a ‘death spiral’ but a refocus on design could be what the department store needs Such was the buzz around Harvey Nichols in its 90s heyday that the department store was regularly name-checked in Absolutely Fabulous, with Edina and Patsy’s frequent retail therapy trips to the store reflecting its position at the heart of the fashion industry at the time. How times change.…
Harvey Nichols, once a fashion powerhouse and frequent subject of the BBC's Absolutely Fabulous, is now facing significant challenges. The department store, which once epitomized high-end retail in London, is currently in a "death spiral" according to its owner, Sir Dickson Poon, who is putting the business up for sale. The store has not turned a profit since the pandemic, with losses reaching £35.3m in 2024.
Despite this, there is potential for a turnaround through a strategic refocus on design. The bidding process has attracted major players, with Mike Ashley's Frasers Group and Next showing interest in reviving the brand's former glory.
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