Harvey Nichols

Harvey Nichols is an upmarket department store chain, headquartered in Knightsbridge. The company recently faced financial distress, warning it could collapse without new funding and was put up for sale by its Hong Kong-based owner, Dickson Poon. The news became significant as Mike Ashley's Frasers Group, the owner of Sports Direct, acquired the chain out of administration for an undisclosed sum. This acquisition comes after the retailer's owner had sought new investment, with Frasers Group reportedly aiming to purchase it for around £40 million. Harvey Nichols, which previously attracted a high-profile clientele, employs 1,200 people. The recent sale marks a significant development for the luxury retailer, ensuring its survival under new ownership.