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Harvey Nichols has reportedly begun exploring a sale after owner Sir Dickson Poon appointed advisers to consider strategic options, including a sale or new investment, according to the Telegraph.
Poon, who has owned the retailer for 35 years, has instructed FTI Consulting to advise on the UK business, while strategic adviser Derya Akyuz will oversee the review of its international operations. The Telegraph understands that the process comes as the retailer continues to battle mounting debts and a prolonged period of financial losses.
According to its latest financial results, the luxury department store chain reported a pre-tax loss of £34m for the year ended March 2024, compared with a loss of £20.4m the previous year, while revenue declined 5% to £204.8m. The results marked its fifth consecutive year of losses.
Additionally, the Telegraph reported that the move follows a winding-up petition filed against the business by a company linked to the Rubin family over an unpaid debt. Although Harvey Nichols said the outstanding bill has since been settled, the legal action has intensified scrutiny of the retailer’s financial position.
Harvey Nichols operates seven regional stores alongside its flagship Knightsbridge department store. The strategic review also follows a period of leadership change at the retailer. Companies House filings suggest Sir Dickson Poon has been steadily reducing his formal involvement in the business in recent months.
Chief executive Julia Goddard took over the role last year after the departure of Manju Malhotra and has been leading a turnaround strategy centred on refurbishing the Knightsbridge flagship.
Harvey Nichols has been contacted for comment.
