Harvey Nichols has been acquired out of administration by Frasers Group for an undisclosed sum. The deal includes all of the luxury retailers’ UK stores, stock, online operations, over 1000 employees, and international franchise agreements.
A post on the Frasers Group LinkedIn page says: ” Spanning more than 200 years of heritage and a comprehensive portfolio of more than 800 luxury brands, the acquisition of Harvey Nichols marks an important step forward for Frasers Group’s Elevation Strategy and growing luxury ecosystem.
Meaningful change and significant investment is needed to turn the business around, and Frasers Group is uniquely positioned to provide it with the strategic platform and operational expertise for long-term, sustainable growth.”
It is not yet known how many jobs will be affected by the acquisition.
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