Harvey Nichols chief to exit store by end of year

Manju Malhotra, the chief executive of luxury retail establishment Harvey Nichols, has quit and will exit the retailer by the end of the year. Ms Malhotra has not commented on the decision following reports there was a clash on strategy with the store’s proprietors.

Ms. Malhotra, who was appointed to the role of chief executive offer in 2020, has spent 25 years at the retailer. Sir Dickson Poon, Harvey Nichols’ owner and concurrently its Chairman, has appointed his son, Pearson Poon, as Vice Chairman until a suitable successor is found.

In a statement emailed to FashionUnited a spokesperson for Harvey Nichols said: "Harvey Nichols notes the recent press coverage alleging to a dispute between CEO Manju Malhotra and Harvey Nichols’ shareholder. The Group would like to reiterate that this is incorrect, the departure is on amicable terms with Manju working her notice period to ensure a smooth transition. It is also incorrect that Harvey Nichols is owned by Dickson Concepts which is a listed company in Hong Kong. Harvey Nichols is owned by Sir Dickson Poon in his private capacity, and any investment made in Harvey Nichols in recent years is from Sir Dickson Poon in his private capacity, and not from Dickson Concepts.”

Harvey Nichols, an emblem of British luxury, has struggled to return to growth since the pandemic. The retailer posted a loss of 30 million pounds in the fiscal year ending May 2022. . In 2020, before the pandemic, Harvey Nichols revenue was 222m pounds with a profit of 2.7m pounds.