Harvey Nichols bought by owner of Sports Direct
The department store made famous by sitcom Absolutely Fabulous had warned it would cease trading.
Harvey Nichols, the luxury department store, has been acquired by Mike Ashley's Frasers Group. The retailer, which owns Sports Direct, revealed it needed significant restructuring to maintain its sustainability. Ashley's son-in-law, Michael Murray, described the store as a British institution with potential but acknowledged that meaningful change was required.
Under Frasers Group, Harvey Nichols will continue to operate its stores, including the flagship in Knightsbridge, and the online business. The retailer carries over 800 premium and luxury brands and employs more than 1,000 people. Frasers Group will also review the store's portfolio, structure, and cost base. A recent auction for the store saw Frasers Group compete with Next.
Retail expert Catherine Shuttleworth noted that Harvey Nichols needed investment to look good and remain relevant in the luxury market. Frasers Group has acquired several retailers and their brands over the years, including Flannels, Gieves & Hawkes, and Agent Provocateur. Murray emphasized that the deal provided a strong platform for the next phase of Harvey Nichols' evolution.
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