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Frasers buys Harvey Nichols after department store exits administration

Harvey Nichols has 13 stores and about 1,200 staff, and the deal adds another luxury retail asset to Mike Ashley's expanding portfolio.

Reported · Written up by our desk · Residential

Frasers Group, the company led by billionaire Mike Ashley, has bought luxury department store Harvey Nichols out of administration in a deal completed earlier this month, according to The Guardian Business.

The store chain operates 13 locations in central London and employs about 1,200 people, adding to a growing collection of luxury retailers and brands held by Ashley.

The acquisition also increases the luxury exposure of Frasers, which already owns or holds stakes in a range of fashion names including Hugo Boss, Mulberry, Burberry, and Flannels and House of Fraser, among others.

The Guardian Business noted Ashley has built his approach around buying during tough periods and picking up value, including a track record of accumulating a portfolio in retail brands; this includes lifting his stake in Hugo Boss to 48% this week, just short of full control.

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