Frasers Group, the owner of Sports Direct and House of Fraser, has acquired Harvey Nichols, securing the future of the luxury department store chain including its Manchester branch. The deal was announced on Thursday (August 13) after administrators were appointed, following warnings that the retailer could cease trading within a year without a rescue.
Acquisition details
The acquisition includes all six Harvey Nichols stores, including the Manchester shop on New Cathedral Street and the recently-refurbished Knightsbridge flagship in London, along with its online business, existing inventory, and over 1,000 employees. The company's international franchise will continue under existing licensing arrangements, while certain assets of its Dublin store, including stock and fixtures, have also been acquired, with further discussions ongoing regarding its trading operations.
Harvey Nichols has been owned by Dickson Concepts since 1991, which had been exploring a potential sale. New accounts filed with Companies House for the year to 29 March 2025 reported a loss after tax of £105m after writing off inter-company loans. Bosses had indicated the need for emergency funding or a buyer to avoid collapse.
Leadership comments
Frasers Group Chief Executive Officer Michael Murray said: "Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed. The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term."
He added: "By integrating Harvey Nichols into our existing luxury ecosystem, we believe Frasers Group can deliver the expertise, infrastructure and commitment needed to give the business the best chance of long-term success."
Harvey Nichols Chief Executive Officer Julia Goddard said: "Today marks an important milestone for Harvey Nichols and provides a strong platform for the next phase of the business's evolution under the ownership of Frasers Group." She praised the team's work during the period of uncertainty, saying it "laid the foundations for this next chapter."
No financial terms disclosed
No purchase price has been announced, though Mike Ashley, who leads Frasers Group, had previously suggested Harvey Nichols could be sold for under £40m. Both companies declined further comment beyond the initial announcement.
