Famous department store group Harvey Nichols has been put up for sale by its billionaire owner, it is understood.
Hong Kong tycoon Sir Dickson Poon has brought financial advisors on board to assess options for loss-making Harvey Nichols, Sky News reported.
FTI Consulting is among the advisors looking at options for Harvey Nichols that, as well as a sale, may include bringing in investment partners.
Talks are thought to have already taken place with potential buyers and investors from around the globe.
Poon has owned Harvey Nichols since 1991, when he acquired it for £53m. The retailer, which has 1,200 UK employees, operates stores in cities including Edinburgh, Leeds and Manchester, as well as the flagship branch in London’s Knightsbridge.
One person familiar with the situation told Sky that ownership of the retailer is anticipated to change in the coming months.
A spokesperson for Harvey Nichols said: “We do not comment on market speculation. Harvey Nichols remains fully focused on delivering its transformation strategy.
”We are making strong progress across the business, including a complete refurbishment of our flagship store in Knightsbridge, which is showing positive early signs of growth and reinforces our confidence in the direction of the business.”
In the most recently reported financial year, covering the period to March 31, 2024, Harvey Nichols’ revenue fell 5% to £204.8m and it made a loss before tax of £34m.
Two years ago, Julia Goddard was appointed chief executive of Harvey Nichols. She has been attempting to reinvigorate the business, including by refurbishing the Knightsbridge store and improving its digital operations.
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