Hong Kong retail billionaire Dickson Poon is reportedly seeking to sell Harvey Nichols, a move that could mark the end of his 35-year ownership of the luxury department store, Financial Times reported.
Poon, the chair and owner since the early 1990s, has appointed FTI Consulting to explore options for the ailing chain in the UK, which may involve a sale or seeking new investment.
It was reported that the 195-year-old brand is actively negotiating with several interested international parties, though talks are still in their early stages.
The move comes a month after Poon retired as a director of the store he bought from Burton Group in 1991 for £5 million (HK$51.77 million). During his ownership, a new team, including retail expert Mary Portas as creative director, revitalized the company and made its Knightsbridge store into a prominent fashion destination in the 1990s.
Princess of Wales Diana was a frequent visitor to "Harvey Nicks" while it was a popular haunt for the main characters in the hit UK television comedy Absolutely Fabulous.
However, it failed to compete with rivals Harrods and Selfridges, which had larger stores with more brands. The pandemic and the end of tax-free shopping for tourists in the UK significantly impacted the chain.
Its last reported financial year in 2024 showed that turnover had fallen 5 percent to £204 million, while pre-tax losses widened from £21 million to £34 million. Its stores are located across Hong Kong, several Gulf countries, and Britain.
Meanwhile, the company said it does not comment on market speculation and remains focused on its transformation strategy. It also reported strong progress and positive early growth signs that reinforce confidence in its direction. News about FTI Consulting's appointment was first reported by Sky News.
