Mike Ashley's Frasers Group acquires struggling luxury retailer Harvey Nichols

Published Aug 13, 12:21 PM UTC

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Mike Ashley's Frasers Group has agreed to acquire struggling luxury department store chain Harvey Nichols, excluding its Dublin location, along with its online business and existing stock. The deal, which secures 1,000 jobs but will result in some layoffs, marks Frasers' latest push into luxury fashion beyond its sportswear roots. Frasers, which also owns Sports Direct and Flannels, outbid competitors including FTSE 100 retailer Next. Frasers CEO Michael Murray stated that Harvey Nichols requires 'significant restructuring' after five consecutive years of losses due to competition from Harrods and Selfridges, warning that 'tough choices' and a smaller near-term business are needed for long-term sustainability.

Source

City AMWestern

Original headline: Mike Ashley’s Frasers snaps up Harvey Nichols

Original language: EN-GB

Part of this Story

Harvey Nichols warns of collapse without rescue deal or buyer

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