Harvey Nichols owner seeks sale after heavy losses
The billionaire owner of Harvey Nichols is understood to be considering selling the struggling department store chain after years of losses.
According to reports, Sir Dickson Poon has appointed advisers to explore options for the business, which he has owned for 35 years.
Subscribe to TRBThe Telegraph reported that FTI Consulting is advising on the process in the UK, while Derya Akyuz is handling global markets. It said options could include new investment or an outright sale, and that some analysts have speculated a pre-pack administration could be possible, although this has been categorically denied by Harvey Nichols. The company is understood to be in active discussions regarding a potential sale with several interested parties.
Harvey Nichols has been struggling with a string of losses in recent years amid a weaker market for luxury goods, following the removal of VAT-free shopping for tourists in the UK after Brexit. In the year to March 2024, it reported a loss of £34 million compared to £24.4 million the previous year, while revenues fell by 5% to £204.8 million.
Outside London, Harvey Nichols has stores in Manchester, Leeds, Bristol, Birmingham, Edinburgh and Dublin, although its Knightsbridge flagship accounts for a disproportionate share of sales.
Last month, the company announced that it had opened a new wellness destination on the fourth floor of its Knightsbridge store as it looked to meet the changing priorities of its luxury customers.
