Harvey Nichols has been undergoing a digital transformation over the past few years, with the relaunch of its website the first step in its multichannel journey. This is being supported by ongoing investment in the store portfolio.
Its Birmingham store, launched in 2015, has become the prototype for the retailer’s new customer-centric approach, while a recent priority has been putting its Knightsbridge flagship store back on the map.
The supply chain is also a big focus as the retailer invests to support international online development.
Online is the main growth driver. The group launched its own online marketplace in 2016 and is continuing to invest in the business.
In a bid to gain further traction, Harvey Nichols inked a partnership with online fashion portal Farfetch to sell via its platform in 2018 and this drove robust online growth over the 2018 financial year.
Harvey Nichols joined the growing list of luxury retailers to offer a resale service in 2021, partnering with resale technology specialist Reflaunt to launch a second-hand fashion and accessories proposition online at the end of August.
Impacted by the pandemic in the closing weeks of the year, group sales dipped 2.9% to £222.2m in the year to end March 2020 (FY2019), with the retailer plunging into the red at both the operating and pre-tax level. Online sales continued to flourish, surging 31% to account for 18.6% of net sales, but this was offset by sales declines across all of its stores.
The group is controlled by Dickson Poon of Hong Kong through his personal investment vehicle of Broad Gain Investments Ltd.
Innovation rating: 3