Harvey Nichols Acquired By Frasers Group in Pre-Pack Administration Deal
Mike Ashley’s Frasers Group has bought the upmarket department store chain out of administration after it warned it could run out of money without new funding.
Frasers Group Plc has acquired struggling British department store Harvey Nichols in a pre-pack administration deal, taking control from owner Dickson Poon. The transaction includes the 200,000-square-foot flagship store in Knightsbridge, smaller stores across the UK, and Harvey Nichols' online business, along with more than 1,000 employees.
This deal comes after Harvey Nichols struggled with rising costs, online shopping trends, and competition from luxury retailers such as Harrods and Selfridges. Dickson Poon, the Hong Kong billionaire who owned Harvey Nichols for 35 years, appointed FTI Consulting to find a buyer. The acquisition follows Frasers' history of mixed results in luxury takeovers, including a £150 million loss on Debenhams.
Frasers Group is led by Mike Ashley, whose son-in-law, Michael Murray, serves as chief executive officer.
Written by urgent.news from Business of Fashion's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
