Harvey Nichols bought by owner of Sports Direct
The department store made famous by sitcom Absolutely Fabulous had warned it would cease trading.
Frayers Group has acquired luxury department store Harvey Nichols, owned by Sports Direct's Mike Ashley. The 200-year-old British institution, with stores in major cities like London and Manchester, will now be under Frasers Group's control. The deal includes the flagship store in Knightsbridge and the international franchise, as well as the online business.
Over 1,000 employees will continue to work, with shops operating under existing licensing. Frasers CEO Michael Murray stated the store is a "British institution with significant potential," but significant changes are needed for its long-term sustainability. Frasers will review the store's portfolio, structure, and cost base, and may need to make tough decisions in the short term.
Frasers Group's CEO Michael Murray has a track record of acquiring successful retailers like Flannels, Savile Row tailor Gieves & Hawkes, and luxury lingerie firm Agent Provocateur.
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