Harvey Nichols sale draws bids from Frasers Group, NEXT and Gordon Brothers

Harvey Nichols, the iconic London luxury department store owned by Hong‑Kong tycoon Sir Dickson Poon, is being sold after five consecutive years of losses. The retailer recorded revenue of £204.8 million in the year to 31 March 2024 and a pre‑tax loss of £34 million. Bids have been received from Frasers Group, the retail conglomerate led by Mike Ashley, and the UK fashion chain NEXT. Gordon Brothers, the owner of Poundland, has also submitted an offer. Other potential suitors, including Dubai’s Chalhoub Group and India’s Reliance Retail, have examined the opportunity. Prospective buyers must commit up to £60 million to fund a transformation programme covering store refurbishments, digital development and international expansion. Harvey Nichols employs about 1,200 people across seven UK‑Ireland stores and operates internationally in markets such as Hong Kong, Dubai and Riyadh.