Harvey Nichols is to introduce classic luxury ready-to-wear brands for the first time across all categories as it attempts to capture spend from its growing customer base from emerging markets.
The retailer is to introduce “classic elegance” brands including Chanel, Dior and Hermès at its London Knightsbridge flagship in response to demand from shoppers from rising star economies such as Brazil, China, India and Russia.
Harvey Nichols chief executive Joseph Wan said the introduction of the more traditional luxury brands would broaden the product range, which has historically been led by a more directional, high-fashion buying strategy.
Wan said: “Harvey Nichols is not a full-range department store and we have always been very fashion-led. We don’t want to dilute this fashion impact but, with the rising importance of BRIC customers, it’s in our interest to bring in these classic elegance brands that are most attractive to them.”
Harvey Nichols will create space for the brands at its Knightsbridge store through an overhaul. The retailer has appointed a surveyor to evaluate how it can squeeze additional space from corridor and lift areas, Wan said. He declined to give a time frame because the project is still at an early stage.
The classic elegance brands are expected to be rolled out across Harvey Nichols stores internationally, but the brand mix will be tailored to local market needs.
The initiative is one of a number being undertaken as the retailer chases new growth opportunities.
A new fascia, Beauty Bazaar, is expected to debut and the retailer has launched a corporate box, where its products are sold, at Manchester City’s Etihad Stadium.
Earlier this year, Wan forecast record profits for the year ended in March. He expected to post earnings of more than £18m, beating the previous high achieved in 2007/08.