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Frasers Group buys Harvey Nichols after collapse warning
Harvey Nichols reported a £105 million ($142 million) after tax loss for the year ended March 29, 2025, and said it could collapse within a year without new investment.
Harvey Nichols, the British luxury department store chain founded in 1831, has been acquired by Frasers Group after its owner warned the retailer could not survive much longer without new investment, according to Yahoo Finance. The company has faced years of financial losses and intensified pressure this year, prompting Dickson Poon, the Hong Kong luxury goods businessman who bought the retailer in 1991, to put Harvey Nichols up for sale in June 2026. Harvey Nichols reported a £105 million ($142 million) loss after tax for the year ended March 29, 2025, after writing off inter company loans. Revenue fell from £204.8 million ($277 million) to £184.8 million ($250 million), while pre tax losses widened from £34 million ($46 million) to £49 million ($66 million), and accumulated pre tax losses exceeded £140 million ($189 million) over five years. The retailer cited weaker consumer demand, higher operating costs, online competition, and shifts in international shopping patterns, with the end of tax free shopping for U.K. tourists weighing on luxury retailers. During the sale process, Yahoo Finance said some prospective bidders withdrew before Frasers Group emerged as the successful buyer.