Harvey Nichols has reported a doubling of EBITDA and rising sales following a complete refurbishment of its Knightbridge store.
EBITDA shot up 102% to £14.7m on a 9% sales rise to £210m following a multimillion-pound refurbishment of its flagship Knightsbridge store.
The luxury department store has overhauled its beauty hall, accessories and menswear and womenswear departments in a bid to keep up with larger competitors Harrods and Selfridges, both of which have been seen by industry experts as remaining more relevant to their target customer.
The retailer is now upping its focus on omnichannel retailing including the introduction of Ask HN, a live shopping app that connects online customers with in-store stylists.
Joint chief operating officers Manju Malhotra and Daniela Rinaldi said: “We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact.
“However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers.”