Harvey Nichols owners reportedly seeking sale options after 35 years

Harvey Nichols may very well be up for sale soon, as Hong Kong retail billionaire owner Sir Dickson Poon is reportedly exploring options. A potential sale of the struggling department store chain would be the end of his 35-year ownership of Harvey Nichols.

According to Sky News, Poon has appointed financial advisors FTI Consulting to look into strategic options for the department store chain, which may include a potential sale or new investment. Discussions are said to already be underway with prospective buyers and investors from around the world, according to the report.

News of a possible sale comes a month after Poon retired from his role as director of Harvey Nichols. Poon’s Dickson Concepts International originally purchased the luxury chain in 1991 for 53 million pounds from Burton Group, and has remained its chair and owner since then. 

He appointed a new leadership team, which included retail expert Mary Portas as creative director, leading to a revitalization of the department store group. Throughout the 1990s, Harvey Nichols’ Knightsbridge store was a leading fashion hub, popular among celebrities and royalty such as Diana, Princess of Wales. The department store group listed on the London Stock Exchange in 1996, but went private again in 2012.

In recent years Harvey Nichols has struggled to keep pace with competitors like Selfridges and Harrods. Turnover for its financial year to the end of March 2024 dropped 5 percent to 204 million pounds while pre-tax losses grew from 21 million to 34 million pounds. 

Harvey Nichols currently operates several locations across Britain, including Leeds, Birmingham, Manchester, London and Edinburgh as well as stores in Hong Kong, Saudi Arabia, Kuwait, Dubai and Qatar. 

The report comes as Harvey Nichols’ Knightsbridge flagship store is in the midst of a multi-million-pound refurbishment led by chief executive Julia Goddard, who took on the role two years ago. The flagship recently unveiled a fourth-floor wellness destination combining fitness, beauty, nutrition and athleisure in one space, anchored by a Pilates studio overlooking the rooftops of Knightsbridge. 

Goddard has also invested in digital operations, with internal performance indicators "moving in the right direction," according to Sky News.