It looks like Dickson Poon’s 35 years of owning Harvey Nichols might be approaching an end with one key report suggesting that the luxury department stores business is up for sale.
The Mark Kleinman blog on Sky News — which has a strong track record of breaking luxury retail and fashion stories — said the billionaire, having stepped back from directly running the group, is now looking to exit the business after buying it for £53 million in the early 1990s.
Sky said that the retailer, with its London flagship just a stone’s thrown from Harrods, has appointed financial advisors to explore strategic options for the loss-making retail business.
Harvey Nichols has declined to comment, neither confirming nor denying the report.
Not that the company is 100% likely to be sold as options also apparently include bringing in investment partners.
Sky cited insiders saying talks are under way with potential bidders and investors from around the world.
The almost-200-year-old business was acquired by Debenhams in 1920 and became part of Burton Group when that company bought Debenhams. Acquired by Poon’s Dickson Concepts in 1991, it rode a wave of cool during the 1990s and frequent mentions of ‘Harvey Nicks’ in BBC sitcom Absolutely Fabulous made it a household name beyond those who shopped there.
It expanded into branches around the UK and Ireland as well as Hong Kong and the Middle East. But it has struggled to achieve profitability in recent years.
CEO Julia Goddard took the helm two years ago and oversaw a recovery plan that has included exiting non-core areas such as foods, shuttering locations such as Beauty Bazaar at Liverpool One, investing heavily in the makeover of the Knightsbridge flagship and in boosting its digital operations.
Sky said an insider with knowledge of the process believes its could change hands in the coming months.
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