Harvey Nichols pulls out of Azerbaijan

British department store Harvey Nichols has pull out of its first store in Azerbaijan after it withdrew from its venture with its licence partner Perfomans, part of a local investment company.

The 110,000 square foot store, over seven floors in Baku’s Globus Plaza was Harvey Nichols largest outside London and featured more than 500 international brands. The store only opened four months ago, but the store now no longer operates under the Harvey Nichols brand.

A statement from the retailer said: “Harvey Nichols has terminated its licence agreement with the operator of the Baku store. Consequently, the Baku store no longer operates under the Harvey Nichols brand.” The retailer added that it could not comment further for legal reasons.

The outlet was the department store’s eighth overseas venture, joining others in Turkey, Hong Kong, Saudi Arabia, Kuwait and Dubai, with Azerbaijan, formerly part of the Soviet Union, chosen as it has been gathering attention for its fast-growing market for luxury goods, with Baku attracting designer brands including Dior, Burberry, Armani and Valentino.