![\"Harvey](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2020\/08\/Harvey-Nichols.png\")
Harvey Nichols, the luxury department store group, has been acquired by Frasers, owner of volume leisurewear chain Sports Direct.<\/p>\n
A \u201csignificant restructuring\u201d is now inevitable to ensure the 200-year-old business remains sustainable, said Frasers which acquired from administration, fending off rival interest from Next.<\/p>\n
The price paid was not declared but last week, Frasers majority owner Mike Ashley, he said he would be surprised if it would fetch more than \u00a340m.<\/p>\n
Mr Ashley, a former Rangers and Newcastle United director, has picked up a number of distressed retailers which risked disappearing from the high street and has pushed into the higher end of the sector.<\/p>\n
The Harvey Nichols stores, including its flagship in Knightsbridge, and its international franchise, will join a group that includes House of Fraser, Flannels, Evans Cycles, Jack Wills, Savile Row tailor Gieves & Hawkes and luxury lingerie firm Agent Provocateur. It has launched a takeover for Hugo Boss.<\/p>\n
Frasers also owns the Braehead and Overgate shopping malls in Renfrew and Dundee respectively.<\/p>\n
Harvey Nichols, which has a branch in St Andrew Square, Edinburgh, was immortalised in BBC sitcom Absolutely Fabulous,<\/em> but has struggled in recent years. It closed the food retail department in Edinburgh and appointed administrators in June.<\/p>\n Michael Murray, Frasers\u2019 chief executive and Ashley\u2019s son-in-law, called the store a \u201cBritish institution with significant potential\u201d but added \u201cclear meaningful change is needed\u201d.<\/p>\n He said: \u201cThe 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.\u201d<\/p>\n Harvey Nichols stocks more than 800 premium and luxury brands and has more than 1,000 employees. Its other stores are located in Birmingham, Bristol, Leeds and Manchester.<\/p>\n Earlier this week, it warned that it would need to \u201ccease trading\u201d within a year if it failed to secure new investment following \u201csustained trading and operational challenges\u201d.<\/p>\n Harvey Nichols chief executive Julia Goddard said the deal marked \u201can important milestone\u201d for the company and \u201cprovides a strong platform for the next phase of the business\u2019s evolution\u201d.<\/p>\n Hong Kong billionaire Sir Dickson Poon owned the business for 35 years, it emerged in recent weeks that a turnaround at the business will require at \u00a350 million to \u00a360m in extra investment.<\/p>\n Harvey Nichols\u2019s restaurant in the Oxo Tower, London, is being sold separately and is not included in the deal.<\/p>\n \t <\/div>\n![\"\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-13-at-15.52.03.png\")