Harvey Nichols CEO to step down
Prior to her departure, Malhotra reportedly wanted to make significant changes after many loss-making years at the group, which operates eight department stores in the UK and Ireland
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The CEO of Harvey Nichols, Manju Malhotra, has quit after 25 years with the company, The Telegraph has reported.
Prior to her departure, Malhotra reportedly wanted to make significant changes after many loss-making years at the group, which operates eight department stores in the UK and Ireland.
According to the most recent accounts, Harvey Nichols’ revenues were down 16% on their 2019 peak of £191.7m.
The company fell £30.4m into the red during the current financial year, spelling the third loss-making year in a row.
In addition, the business reportedly struggled to adapt to the rise of online shopping and has resorted to offering more dining, beauty and online services to keep customers interested.
While she will remain in her role until the end of the year, owner of the department chain, Dickson Poon, has instructed Pearson Poon, an executive director and his son, to lead the business as vice chair until a replacement is found.
A spokesperson for Dickson Poon maintained that there had not been a dispute between the ex-CEO and Poon, and said that “the departure is on amicable terms, with Manju working her notice period to ensure a smooth transition”.
