Mike Ashley gatecrashes Harvey Nichols auction
Mike Ashley's Frasers Group has been approved to participate in the auction for luxury department store Harvey Nichols, despite initial opposition from the store's luxury suppliers. Harvey Nichols backtracked on its earlier stance, stating it was 'now obliged' to allow Frasers to join the sale process. The chain, owned by Hong Kong billionaire Sir Dickson Poon for 35 years, has suffered five consecutive years of losses, including £34m in the year to March 2024. Other interested buyers include Next and potential international investors. The sale comes amid a challenging backdrop for UK luxury retail, including the removal of VAT-free shopping for tourists and reduced non-dom tax perks. Frasers, which also owns House of Fraser, recently had a £2.3bn takeover bid for Hugo Boss rejected.
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