Frasers Group plc, owned by British entrepreneur Mike Ashley, has acquired Harvey Nichols from FTI Consulting LLP, the luxury retailer's administrator.
The deal includes six UK stores – the recently refurbished Knightsbridge flagship, Manchester, Birmingham, Bristol, Leeds and Edinburgh – along with the online business, inventory and over 1,000 employees. The purchase price was not disclosed. International franchise agreements are part of the transaction, while the OXO restaurant was sold separately.
Dickson Concepts, which operates Harvey Nichols stores in Hong Kong, said it has been notified that the UK business and assets were sold on Wednesday. The Hong Kong retail operations, including the store at Pacific Place in Admiralty, are separate and independent from Harvey Nichols UK and are unaffected by the sale.
Frasers chief executive Michael Murray said: "Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed. The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term."
Harvey Nichols chief executive Julia Goddard said the deal "marks an important milestone" and provides a strong platform for the next phase under Frasers Group ownership.
